He has a primary challenger for the first time in years, he is still acting like will be unaccountable and his only constituents are the banks and Wall Street corporations domiciled in Delaware. He has co sponsored a monstrous piece of legislation that seeks to weaken one of President Obama’s signature accomplishments: The Dodd-Frank Wall Street Reform.
Senate Bill 2155, the bill Carper is co-sponsing, would eliminate “enhanced supervision” for megabanks, including M&T, Wachovia, and Wells Fargo. This will allow these banks to return to the same behaviors that caused the Great Recession. Indeed, this bill will allow smaller banks to make similar gambles with depositor funds, instead of using this money for lending to home buyers and small businesses. SB 2155 also rolls back consumer protections against discrimination. One provision would allow 85% of banks to avoid reporting on the demographics of their mortgage customers. Demographic reporting provides a key tool to ensure that banks aren’t disfavoring certain groups.
This bill has already cleared the Senate Banking, Housing, and Urban Affairs Committee and heads to the Senate floor, where it could be voted on at the end of the month. We have to assume that Carper is going to vote yes on this bill given his co-sponsorship. This is our chance to remind him that if he does so, he will lose our votes.
The Kerri Evelyn Harris campaign has launched a petition to remind Tom Carper of who he represents, and that anything other than a no vote on this legislation, on both the bill itself and on cloture, is unacceptable and career ending.
So far, progressive groups like Americans for Financial Reform, Credo and Demand Progress have already sent more than 400,000 messages to the Senate urging the Senate to defeat this bill.