The derivatives industry is squeezing Washington like a python. Desperate to control the tone and thrust of derivatives regulation, industry lobbyists have been swarming over the Commodity Futures Trading Commission and the Securities and Exchange Commission, each of which is writing derivatives rules as mandated by the Dodd-Frank reform law.
By now it's pretty clear that Mitt Romney's recent claim about female job losses during the Obama presidency has more to do with selective number fudging and electoral pandering than factual accuracy.
Here we go again. Another round of the game we call Congressional Creep. After months of haggling and debate, Congress finally passes reform legislation to fix a serious rupture in the body politic, and the president signs it into law. But the fight’s just begun, because the special interests immediately set out to win back what they lost when the reform became law.
On Friday, Virginia Governor Bob McDonnell signed a new law that will give more rural counties the option of avoiding prison-based gerrymandering, helping to ensure fairer representation for incarcerated Virginians. The law, HB13, passed both Houses unanimously. It was sponsored by Delegate Riley Ingram (R-Chesterfield, Henrico, Prince George, City of Hopewell).
A lesson in how not to reduce gas prices: the White House is backing TransCanada’s bid to build the southern portion of the controversial pipeline Keystone XL pipeline. The section to be built will run from Cushing, Oklahoma to Texas and carry crude oil pumped in the Midwest to refineries in Texas and be completed by late 2013—so it will have virtually no impact on the current high gas prices.
NEW YORK - Yesterday, civil rights legend John Payton passed away suddenly, stunning the civil rights and voting rights community. Demos issued the following statement to honor his historic work and the legacy he leaves behind:
Warren Buffett once referred to derivatives as "financial weapons of mass destruction" created by "madmen." Real WMD have rarely been used. However, derivatives are used quite a lot, a $600 trillion per year market dominated by a narrow oligopoly of mega-banks. It appears that Italy got hit by the derivatives WMD in January.
TheWall Street Journal ran a disingenuous and misleading opinion piece on Sunday evening titled "The Corporate Disclosure Assault," arguing that “[u]nions and liberal activists are using proxy rules to attack business political speech.” The piece—exactly like the undisclosed corporate money it’s pandering to—doesn’t even have an author listed.
The law, known as Part XX, was passed in 2010 to increase fairness in redistricting by counting incarcerated people as residents of their home districts. The previous practice, often called prison-based gerrymandering, gave extra political influence to districts containing prisons, diluting the votes of every resident of a district with no (or fewer) prisons.
Former Goldman Sachs employee Greg Smith wrote an op-ed in yesterday’s New York Times that simmers with pathos. Smith describes the devolution of the culture at Goldman: Whereas in the past, the company worked in the interests of its clients, they are now seen merely as the source of transactional profit, to be manipulated for the benefit of the firm.
Wisconsin State Court Judge David Flanagan issued a temporary injunction on Tuesday that will prevent Wisconsin’s controversial Voter ID law from going into effect prior to the state’s April 3 presidential primary. After noting in the order that the Wisconsin State Constitution recognizes voting as a guaranteed right, Judge Flanagan called the bill “the single most restrictive voter eligibility law in the United States.”
New York, NY --Miles Rapoport, President of Demos, and former Connecticut Secretary of the State, commended current Connecticut Secretary of the State Denise Merrill for championing Same Day Registration and other improvements in voting and elections.
By enacting H.B. 5024, Connecticut would become the 10th state to permit eligible citizens to both register and vote on Election Day and/or during the early voting period.
Eliza Carney has an interesting piece in Roll Call observing that in light of Congressional inaction, several federal agencies have now moved to center stage in the fight over unrestricted campaign money.
A Vermont Partnership Bank will generate new revenue for Vermont, save local governments money, and make our small businesses, farms and consumers less vulnerable to cutbacks in lending in our state.