"Republicans on the House Financial Services Committee are having a campaign fundraiser this week," says the New York Times editorial today. Not literally; that wouldn't be unusual. But when the committee's majority is looking to pass legislation that would largely dismantle the Wall Street reforms (2010 Dodd-Frank financial reform law) passed last year, including crippling the Consumer Financial Protection Bureau, their reasoning is clear: by siding with Wall Street, they'll reap the benefits of a likely windfall of campaign cash.
From the editorial: "The purpose of the Republican bills is twofold. One is to deprive the agency of the power to fulfill its mission. Another is to attract campaign money."
Rather than look out for the interests of consumers, who were devastated by the near collapse of Wall Street, and are still feeling the pain of a slow economic recovery, the Republican controlled House is seeking the support of Wall Street, and more importantly the big campaign checks that come along with it.
As long as we have a campaign finance system that places the need for huge sums of money from wealthy interests above the needs of ordinary Americans who continue to struggle, this sort of behavior will go on unabated. Thankfully these laws they pass out of committee that would return us to a "Wild West Wall Street" will never become law. But the symbolism isn't lost. The donors before voters culture in Washington, D.C. continues to reign. And we the people will continue to get the short straw.
Read the full NYT editorial by clicking here.