17 Senate Dems broke their contracts with their voters

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After a year of in which they were the shock troops of the resistance to Trump, Senate Minority Leader Chuck Schumer (D-N.Y.) turned on progressives when he turned a blind eye as 17 Democrats voted for a banking deregulation bill.

Now the onus is on the House leadership — Rep. Nancy Pelosi (D-Calif.) and Steny Hoyer (D-Md.) — to fight harder than Schumer did or risk demoralizing progressives in advance of perhaps the most consequential midterm elections since the New Deal.

Seventeen members of the Senate Democratic Caucus voted with Republicans to move forward a bill that progressives nicknamed the Bank Lobbyist Act (S. 2155), which would roll back parts of President Obama’s legacy-defining Dodd-Frank Wall Street Reform and Consumer Protection Act.

The bill, put simply, stinks. It would exempt 25 of the largest 38 banks in the country from strong oversight, banks that took $47 billion in bailouts after the 2008 financial crash. The Congressional Budget Office found this bill would make taxpayer-backed bank bailouts more likely. And it would deliver new favors to Wall Street giants Citigroup and JPMorgan Chase.
http://thehill.com/opinion/finance/380180-17-senate-dems-broke-their-contract-with-their-voters
 
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