This new report (from the AFR Activism Fund) tracks a stream of efforts by members of the current Congress to undermine one of the major acts of the last Congress: the Dodd-Frank financial reform law.
Since Dodd-Frank, Wall Street interests have lobbied to roll back new (and old) rules, block further steps, and re-legitimize many of the practices that fueled the financial crisis and the economic calamity that followed. On Capitol Hill, some legislators have opposed these efforts; but others have aided them by introducing, pressing, and voting for proposals to delay, water down, or undo significant reforms.
A few such measures have already been enacted into law; others command wide support and have a chance of being enacted in the future. As their authors and supporters well understand, even legislation that will never be approved can have an intimidating influence on regulators as they go about the work of drafting and enforcing the rules on which the success of financial reform depends.
“Where They Stand on Financial Reform” tells the story of this shadowy campaign – one that could only have occurred in the shadows, since it involves large numbers of elected officials engaged in activity that runs directly counter to the wishes of the great majority of Americans, regardless of party, geography, or gender. As you read our report, we hope you’ll think about what can be done to bring this story to the wider notice that it deserves.