Time Will Tell What John Carney Taps From Stint On US House Financial Services - Cash - Committee

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Update: (AP) Jim Kuhnhenn item shows the money quote from the current House Financial Services Committee Chairman, Republican Jeb Hensarling ~

Obama urges regulators to enact Wall Street rule

WASHINGTON — Three years after President Ba­rack Obama signed a sweeping overhaul of lending and high-finance rules, execution of the law is behind schedule with scores of regulations yet to be written, let alone en­forced. Meeting privately with the nation’s top fi­nancial regulators on Monday, Obama prodded them to act more swiftly. The president’s push comes as the five-year an­niversary of the nation’s financial near-meltdown approaches. The law, when passed in 2010, was considered a milestone in Obama’s presidency, a ro­bust response to the crisis that led to a massive gov­ernment bailout to stabi­lize the financial markets. But the slow pace of implementation has prompted administration concern that banks could still pose potentially ca­lamitous risks to the econ­omy and to taxpayers. Obama hoped to convey “the sense of urgency that he feels,” spokesman Josh Earnest said before the president convened the meeting with the eight in­dependent regulators in the White House Roose­velt Room.

.........Services Commit­tee Chairman Jeb Hensar­ling dismissed Obama’s meeting with the regula­tors, saying, “Much like Obamacare, Dodd-Frank is an incomprehensively complex piece of legisla­tion that is harmful to our floundering economy and in dire need of repeal.”

(Daily Kos) Mark Sumner picks up on today's NYT story ~

The New York Times reveals the most popular committee in congress.

The House Financial Services Committee has grown so large that a highly unusual fourth row of seats had to be installed in the committee room. Every term, scores of members, particularly freshmen, demand a seat on the panel — not because they have a burning interest in regulating banks and Wall Street, but because they know that they will be able raise much more money if one of the 61 seats has their name on it. As Eric Lipton recently explained in The Times, Financial Services has become known as “the cash committee” because interest groups donate more money to its members than to those of any other House committee. More than $10 million has been given to its members just this year, and most of it has come from the big names the committee oversees. Contributors included employees of Goldman Sachs, Bank of America, the Credit Union National Association, the Investment Company Institute, Wells Fargo and many of the biggest accounting firms and insurance companies.
Committee members don’t seem particularly ashamed of the favors they do for those providing the cash. Andy Barr, a freshman Republican from Kentucky, promised to protect a tax break worth $500 million to credit unions. (They gave him $15,000.) And he introduced a bill that would allow banks to give mortgages to people who cannot afford them, undoing a federal rule at the request of the big banks’ lobbyists. (Banks have given him at least $47,000.)

See, the banks have learned something from 2008. They've learned that they can get away with anything. That government is their tool and that anyone who stands up against them can be ignored. So don't say nothing's changed.

John Carney made it onto the Cash Committee right out of the starting gate, January 2011 although Open Congress.org shows lawyers topping his campaign cache, not banks.

More HERE.

Carney follows Mike Castle's tenure there.

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