Ignoring the message of the recent Senate report on JPMorgan’s “London Whale” debacle, members of the House Agriculture Committee “take bank contributions and vote to advance a bill that would allow taxpayer bailouts of too big to fail banks,” Robert Kropp writes on the Sustainability Investment blog of SocialFunds.com.

Kropp quotes an AFR analysis of the Senate report, which concluded that JPMorgan’s “traders were using depositors’ money – and taxpayer subsidies – to gamble for their own and the company’s profit. That is exactly what the Volcker rule prohibits.”

“Oversight agencies must follow through with writing a strong Volcker rule, bringing the derivatives markets under effective control, and completing the rest of the Dodd-Frank agenda,” the AFR statement continued. “Elected officials should be trying to protect regulators from industry bullying, not joining Wall Street in ganging up on them for trying to do their jobs.”

Instead, elected officials are joining Wall Street in an effort to advance legislation that would, according to AFR, “expressly allow bailouts of our largest banks on Wall Street.”