Aimee Patton

A pleasantly eccentric take on politics

Update 12/17/2014

Congressman Yoder has finally come out and commented on his role in inserting the Big Banks language into the Omnibus bill. In his newsletter yesterday this was included,

Some members of the media have been misconstruing one provision in particular that I supported in the Appropriations Committee earlier in the year. I joined a significant portion of House Democrats and Republicans in making an improvement to Dodd-Frank that helps strengthen markets, helps consumers, and provides no additional risk to taxpayers. The provision amends Section 716 of Dodd-Frank, which would have increased transaction costs by requiring banks to push out almost all derivative business into separate entities. The derivatives associated with this provision are not the same as the riskier Collateral Debt Obligations (CDOs) that many blame for causing the mortgage crisis. CDOs remain subject to the push out even after the adoption of this provision.

Without this change, small regional banks would be in danger of being unable to serve the lending needs of their customers. Ultimately, farmers, manufacturers, and other Main Street businesses would be harmed the most. I opposed the taxpayer bailouts in 2008 and stand strong by the provisions in existing law that prohibit bailouts from ever happening again. This fixes an onerous provision of Dodd-Frank that actually made markets less safe and increased the cost of lending. It does not make any change to provisions preventing bailouts.

 

He also provided a text book, political response to the outrage by blaming the left-wing folks for the outcry ignoring the Republicans who have also come out criticizing this move.

 

I’ll leave the rebuttal to the pro.

http://www.c-span.org/video/standalone/?323252-9/senator-elizabeth-warren-banks-derivatives-trading

Nice try Congressman Yoder.  You are still in the doghouse.

 

Dear Congressman Yoder,

I read a top 5 list that involved Kansas this week.  Usually when that happens it’s a list involving our fantastic BBQ.  This time, however, food wasn’t the focus.  It was a list about the Omnibus bill that Congress passed last week – that 1600 page monster bill that should prevent another government shutdown.  Turns out Kansas, specifically an action that you did,  made the list.  It was the Top 5 Awful Things Congress Snuck Into the Omnibus Budget Deal.

The current budget deal includes a repeal of the Dodd-Frank derivatives rule that was literally written by big bank lobbyists — A leaked document obtained by the New York Times revealed that 70 of the 85 lines of derivatives language reflect recommendations made in a piece of model legislation drafted by lobbyists for Citigroup, another bank that played a major role in the 2008 crisis and also received billions of federal stimulus dollars.
If all of this sounds familiar, it’s because the House passed the exact same CitiGroup-written law last year, but it died after resistance from the Senate and Treasury Department. Now, Wall Street’s allies in Congress have effectively copy-pasted the CitiGroup-approved language out of the old bill and into the current budget deal, which is much less susceptible to a veto threat since a veto would shut down the government.

http://www.huffingtonpost.com/josh-silver/omnibus-budget-deal-2014-5-worst-things_b_6307852.html

The language was added by you.

From all Kansas voters I can only say on thing, what the hell?

 

Wait, I think I can answer this question.

 

Yoder received a combined $29,000 in campaign contributions from the political action committees representing the four largest banks that will benefit from eliminating the regulation.

 

It’s that horrible life lesson that money talks and no matter how many times you tell us in your campaign speeches that you are working for Kansans – you are really working for big banks.

 

I do, however, have to give two snaps to your spokesperson who tried to link this to helping Kansas farmers:

 

“Absent this fix, the cost of doing business as a farmer in Kansas will simply go up.”

RRRIIIGGGHHTT…..maybe if you say that enough times you will believe it.  The only other groups you left out are children and puppies.

 

 

I understand the media has been reaching out for interviews on this language and your are MIA.
Yoder has been mum about the spending package since it passed the House. His office hasn’t responded to multiple requests for comment on why he slipped the Citigroup language into it. The press statements on his website say nothing about the provision or the spending bill. There are no posts about it on his Facebook page. He’s said nothing in his Twitter feed.
 KevinYoder

 

I guess you’ve been super busy updating your profile pic on Facebook to this huge American flag.  That’s one big, American flag.  Maybe it represents that if we cover ourselves up with patriotism we won’t notice how bad our politicians are screwing us over.

 

Yours for working for Kansans,

Aimee

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9 thoughts on “How Kevin Yoder turned the Omnibus Bill into an Omnibust! A Kansas voter responds.

  1. Michael McKee says:

    I find it disturbing that they can be had so cheaply. $30k is all it takes? Citgroup wipes their (nose) with S30k. Did you ever see the movie Inside Job? 2010 documentary narrated by Matt Damon. Good stuff. Anyway, after watching it, it won’t surprise you that they (banks) get EVERYTHING they want. Eventually, win or lose, they win.
    Ironically, Tea Party types haven’t had much to say about it either. Oh, right. That Amnesty thing got their attention. Here…look over here guys. ILLEGALS! Pay no attention to Kevin Yoder addendum. He’s on YOUR side!

  2. Condi says:

    The WNBTv blog today posted a piece about Congress passing the Intelligence Authorization Act last week where it’s now legal for the gov’t to not only spy on all our communications without a warrant but to also pass any information on to local cops to use in criminal cases. Apparently Yoder’s mmmm…appendage…voted yes on that bill. Yoder’s a just a jerk. I don’t understand why people keep electing him.

  3. Phil Gramm was the dumbfuck they got to do this the first time, back in 2000, so now it’s Yoder …. Phil got a nice lobbying job. Made millions. Maybe Yoder will be jailed. That would be nice, and appropriate.

  4. Greg says:

    Maybe they needed” to pass this bill so they could find out what was in in it!!!” To Quote House leader Nancy Pelosi on the Obamacare vote!! hah!
    And I do believe the Senate also passed it which is still Democratically controlled and The president also signed it!!
    I admit it doesnt sound good !! I want to read more about what is in the bill so I can discuss it better !!
    Funny how you blame the republicans when this is actually the last bill also passed by your democratically controlled house!! and it was also signed by our President!! Who ran on stopping the lobbys!! So why dont we be honest our government is run by a bunch of crooks and con artists!! On both sides!!

    1. Greg says:

      Opps Democratically controlled SENATE!! Not house

      1. Greg says:

        I found this part of the article to be very interesting!! -So evidently it was a bipartisan bill!
        “As a member of the Appropriations Subcommittee on Financial Services, Congressman Yoder offered an amendment identical to a popular, bipartisan bill that passed the House last year with 70 Democrats voting in favor. The Appropriations Committee unanimously passed the amendment, which Yoder offered because smaller regional banks and farmers utilize derivatives on a daily basis to manage their risk by locking in prices and reduce their exposure to changes in the market,” Grover said. “Absent this fix, the cost of doing business as a farmer in Kansas will simply go up.”

        The appropriations bill passed with bipartisan support and strong backing from President Obama,

        Read more here: http://www.kansas.com/news/politics-government/article4510733.html#storylink=cpy

  5. David Murphy says:

    Elizabeth Warren’s high cheekbones are rumpled clearly by this. That alone guarantees that this is sound legislation. And Greg makes a sound point. The Dems negotiated and approved this. So what gives? Does this feed into Warren’s “all bankers are evil” mantra? So the real question I have for the Democrats who write and frequent this site.. are you Warren fans or Clinton fans? And why? And where did Warren’s Trustifarian (ironic!) Occupy Wall Street movement go?

  6. Steve says:

    Apparently we only want bipartisan legislation passed when it is our position put forth.

    The banks have taken their spot as the Bond villains in today’s society. Over the years the evil doers have been railroads, defense contractors, General Motors. Interestingly, all went to most favored status as they faltered and government deemed them to important to fail.

  7. Greg says:

    Good point Steve – I noticed in the article that both democrats and republicans received campaign contributions if they voted for this bill !! Funny the democrats received a larger contribution than the republicans – I guess it cost a little more to buy their approval!! I recently tried to get a house loan – well I was turned down – I felt maybe the loaning rues had become to stringent – and maybe by loosening the rules a little maybe it would help the economy !! But I also hope they have not loosened things to the point we will not be in the same mess as we were before !!
    I just mention the bipartisan crap because it seems like here they only mention the wicked republicans – Frankly I do not trust either side and that is probably why I support the republican side because I feel Smaller government is better!!
    Why do I not support Obamacare?? Well take social security – does anyone feel the government has handled that money well ?? I do not think so! So why should we be dumb enough to give the government more of our money to mismanage!!

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