ROBERT B. REICH, Chancellor’s Professor of Public Policy at the University of California at Berkeley, was Secretary of Labor in the Clinton administration. Time Magazine named him one of the ten most effective cabinet secretaries of the last century. He has written thirteen books, including the best sellers “Aftershock" and “The Work of Nations." His latest, "Beyond Outrage," is now out in paperback. He is also a founding editor of the American Prospect magazine and chairman of Common Cause.

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  • What You Can Do To Bring Wall Street Under Control


    Friday, May 28, 2010

    The most important remaining battle to rein in Wall Street is over Senator Blanche Lincoln’s measure to stop the big banks from being subsidized by taxpayers for their risky derivative trades. Miraculously, it’s still in the bill but it’s on life support. The bill has now gone to the conference committee where differences between the House and Senate bills are to be ironed out.

    But official Washington (read: dependent on Wall Street for money) is dead set against it. Even Barney Frank — who Massachusetts voters used to consider a reliable progressive until he became chair of the House Financial Services Committee — has vowed to kill Lincoln’s provision. And the White House says the measure is “not core,” which in Washington-lingo means “you’re free to dump it.”

    Big, big money is at stake.  Wall Street’s five largest banks have a corner on the trade, raking in about in about $30 billion in over-the-counter derivatives last year. It’s the single largest reason they’re too big to fail. So they’re spending like mad on Washington lobbyists and campaign donations in order to keep the subsidy in place. (Lincoln’s provision doesn’t force them to give up derivative trading, by the way; it only forces them to do it in a separate entity that doesn’t get subsidized by deposit insurance or the Fed’s discount window).

    All the guns are aimed at this measure. But it’s still possible that the people can prevail, if we’re organized and active. Here’s a list of all the Dems on the Senate Banking and House Finance Committee, as well as Republican conferees. All conferees are indicated by ->.

    Organize and mobilize your friends and acquaintances, especially those who live in these states or districts, to call their members and make their voices heard. Tell them you want Lincoln’s measure (Section 716 of the Senate bill) to remain in the final bill. Say you’ll hold them responsible if it goes.

    Alabama -> Senator Richard C. Shelby (202) 224-5744

    Arkansas -> Senator Blanche Lincoln (202) 224-4843

    California -> Rep. Maxine Waters (202) 225-2201 (California-11)
    Rep. Brad Sherman, CA (202) 225-5911
    Rep. Jackie Speier, CA (202) 225-3531
    Rep. Joe Baca, CA (202)225-6161

    Colorado -> Senator Michael Bennet (D-CO) (202) 224-5852
    Rep. Ed Perlmutter, CO 202.225.2645

    Connecticut -> Chairman Christopher J. Dodd (D-CT) (202) 224-2823
    Rep. Jim Himes, CT (202) 225-5541

    Florida -> Rep. Ron Klein, FL (202) 225.3026
    Rep. Suzanne Kosmas, FL (202) 225-2706
    Rep. Alan Grayson, FL (202) 225-2176

    Georgia -> Senator Saxby Chambliss 202-224-3521
    Rep. David Scott, GA (202) 225-2939

    Hawaii -> Senator Daniel K. Akaka (D-HI) (202) 224-6361

    Idaho -> Senator Mike Crapo (202) 224-6142
    Rep. Walt Minnick, ID (202) 225-6611

    Illinois -> Rep. Luis V. Gutierrez (202) 225-8203 (Illinois-4)
    Rep. Melissa L. Bean, IL (202) 225-3711
    Rep. Bill Foster, IL (202) 225-2976

    Iowa -> Senator Tom Harkin (202) 224-3254

    Indiana -> Senator Evan Bayh (D-IN) (202) 224-5623
    Rep. Joe Donnelly, IN (202) 225-3915
    Rep. Andre Carson, IN 202-225-4011

    Kansas -> Rep. Dennis Moore (202) 225-2865 (Kansas-3)

    Massachusetts -> Chairman Barney Frank (202) 225-5931 (Massachusetts-4)
    Rep. Michael E. Capuano, MA (202) 225-5111
    Rep. Stephen F. Lynch, MA (202) 225-8273

    Minnesota -> Rep. Keith Ellison, MN (202) 225-4755

    Mississippi -> Rep. Travis Childers, MS (202) 225-4306

    Missouri -> Rep. Gary Peters, MI (202) 225-5802

    Montana -> Senator Jon Tester (D-MT) (202) 224-2644
    Rep. William Lacy Clay, MO (202) 225-2406
    Rep. Emanuel Cleaver, MO 202.225.4535

    New Jersey -> Senator Robert Menendez (D-NJ) (202) 224-4744
    Rep. John Adler, NJ (202) 225-4765
    Rep. Scott Garrett (NJ) (R) (202) 225-4465

    New Hampshire -> Senator Judd Gregg (202) 224-3324
    Rep. Paul W. Hodes, NH (202) 225-5206

    New York -> Senator Charles E. Schumer (202) 224-6542
    Rep. Gregory W. Meeks 202/225-3461 (New York-6)
    Rep. Nydia M. Velázquez, NY (202) 225-2361
    Rep. Carolyn McCarthy, NY (202) 225-5516
    Rep. Dan Maffei, NY (202) 225-3701

    North Carolina -> Rep. Melvin L. Watt (202) 225-1510 (North Carolina-12)
    Rep. Brad Miller, NC (202) 225-3032

    Ohio -> Senator Sherrod Brown (D-OH) (202) 224-2315
    Rep. Charles Wilson, OH (202) 225-5705
    Rep. Mary Jo Kilroy, OH (202) 225-2015
    Rep. Steve Driehaus, OH (513) 684-2723

    Oregon -> Senator Jeff Merkley (D-OR) (202) 224-3753

    Pennsylvania -> Rep. Paul E. Kanjorski (202) 225-6511 (Pennsylvania-11)

    South Dakota -> Senator Tim Johnson (202) 224-5842

    Tennessee -> Senator Bob Corker (202) 224-3344

    Texas -> Rep. Rubén Hinojosa, TX (202) 225-2531
    Rep. Al Green, TX (202) 225-7508
    Rep. Jeb Hensarling (TX) (R) (202) 225-3484

    Wisconsin -> Senator Herb Kohl (D-WI) (202) 224-5653
    Rep. Gwen Moore, WI 202-225-4572

    Vermont -> Senator Patrick J. Leahy (202) 224-4242

    Virginia -> Senator Mark Warner (D-VA) (202) 224-2023


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