Your New GOP Created House Committee on Financial Services Webpage.

Instead of “To Serve Man”, we should call this new webpage design “To Serve Banks.”

Here’s to a new era: The new Committee on Financial Services Webpage. I took a snapshot of the front page:

Spencer Bachus, the new Financial Services Committee chair, recently said “in Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks”, and man does this webpage put that corporatist vision to the test.

I was surprised to see “The Democrats Bailout Bill” up front, since Bachus famously voted in favor of the TARP bank bailout bill, Emergency Economic Stabilization Act of 2008, before voting against financial reform – an honest man, he really does believe Washington is there to serve the banks! – so why not take ownership? But by Bailout Bill he means the Dodd-Frank Act.

If I was a honest Republican staffer who handled that webpage, and wanted to do my part to get real information out to interested people, I’d link to this excellent recent overview by the Cleveland Federal Reserve of the mechanism of the Orderly Resolution Authority implemented in Dodd-Frank.  The House webpage is already plastered with murmurs of permanent bailouts and bankruptcy as the only alternative, not even mentioning that the enter liquidation mechanism is set up with bankruptcy as the default, only overruled in certain circumstances with votes and judicial review – a move designed to address this criticism.    The bill is specifically designed so that, in the words of the Cleveland Fed: “Creditor protections in orderly resolution are limited to the requirement that unsecured creditors can receive no less in a Title II resolution than they would have received under a Chapter 7 bankruptcy proceeding.”

Instead of meaningful criticism we get hackery and, my favorite, a call for “Meaningful SEC Reforms.” Reforms which evidently mean defunding and suffocating the institutional powers of the SEC, same as was done by the GOP in the 1990s.

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3 Responses to Your New GOP Created House Committee on Financial Services Webpage.

  1. Sue says:

    It may be even worse when you dig deeper.

    Compare http://financialservices.house.gov/press/

    with

    http://webcache.googleusercontent.com/search?q=cache:YwbM4x_WlAAJ:financialservices.house.gov/press/PRArticle.aspx%3FNewsID%3D1343+house+financial+services+committee+press&cd=2&hl=en&ct=clnk&gl=us

    That press release (July 2010) does not appear on the current web site press releases. Search for it by using the search boxes and entering July 2010 – it isn’t in the results.

    They seem to be rewriting and scrubbing history.

    Anyone got a complete archive of the old site? Also note on the old site there is an ‘Archive’ dropdown on the top right, top entry on the menus is ‘Press Releases’ but there is no such entry on the current site.

    Note that archive.org does not have the old pages.

    Spooky. Actually very unpleasant in it’s implications. Creeps.

    Why isn’t this propaganda on the gop.gov site ? I’ve never seen anything like this (apparently flagrantly deleting and rewriting) but then again I’m not American and havent figured out all the rules. But this is the House Committeee not the Republican Commitee? I got that part right didn’t I (well yeah I’m pretty sure I did).

    A totally minor cavil with their illiteracy – ‘What is not in the Dodd Frank’ ???

  2. Beevis says:

    So when was the last time we heard the preznit speak out about this issue? Has he laid down any markers as to what he will accept and will not accept? My guess, based on the number of wall street hacks he has working for him (Geitner is the only example I need), is that he really doesn’t give a crap about this stuff and will pretty much cave in to whatever the republicans want to do to destroy the reform bill.

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