At this point we shouldn’t be giving them seats.
While there’s much in the article to take note of it’s the New Democats - of the New Dem caucas funded by the bankers and lead by Rep. Jim Himes, D-Conn who used to work at Goldman Sachs that you should focus on. This is the New Dem Party.
Legislators from both parties came together this week to put the finishing touches on a sweeping measure to weaken bank regulations put in place to respond to the 2008 financial crisis.
33 House Democrats and 17 Senate Democrats ultimately joined with nearly every Republican to send the bill to President Donald Trump’s desk.
The repeal bill was a major priority for industry. As The Intercept has reported, the bill loosens an array of regulations, including reporting requirements used to counter racial discrimination in lending practices. The bill also crucially shrank the amount of capital reserve banks must maintain and raised the threshold at which banks are required to comply with heightened risk-management regulations — all of it with the consequence of introducing more risk into the system.
The House Democrats who backed the bill are broadly a coalition of New Democrats and Blue Dogs, who are self-consciously pro-business, and members of the Congressional Black Caucus, who have been the target of focused lobbying campaigns by Wall Street
In one unusual twist, the American Bankers Association decided to use a 501©(4) nonprofit to air a campaign-style television advertisement in support of Sen. Jon Tester, D-Mont., one of the leading sponsors of the repeal measure, who is facing a tough re-election this year. The decision to use such a nonprofit to air the ad conceals the source of the funding, a strategy commonly referred to as “dark money.”
Both Delaney and Himes are members of the New Dem caucus, a group of business-centric Democrats. Of the 33 House Democrats voting in support of the repeal bill, 27 are members of the New Dems. Himes is the chair of the group. The New Dem PAC, which has worked to recruit more moderate Democrats as candidates for Congress this year, receives significant funding from the banking industry.
Trump, at the bill-signing ceremony, gloated about receiving support from the Democratic Party, a voting bloc that made passage possible in the Senate. “Dodd-Frank was something they said could not be touched and, honestly, a lot of great Democrats knew that it had to be done,” he said.