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May 29, 2014

How The Congressional Black Caucus Went To War With Itself Over Wall Street

Gwen Moore does not seem like anybody’s idea of a corporate stooge. The Milwaukee Democrat, a single mom who once survived on welfare, has sponsored efforts to boost public housing, reproductive freedom, food-stamp benefits, Social Security payments, environmental protection, veterans benefits and the minimum wage. And that’s just in the past year.

So it’s strange to see Moore associated with one of the more noxious campaigns underway on Capitol Hill: the Wall Street effort to unravel key sections of Dodd-Frank. After all, the 2010 financial reform was meant to curb the very same excesses that, not so long ago, devastated the economy and put many of Moore’s constituents out of their jobs and their homes.

The assault on Dodd-Frank relies on support from three different groups. The GOP isn’t shy about its antipathy to government regulations, and a pro-business coalition known as the New Democrats has come to its aid. But there is also a third, lesser-known faction: the Congressional Black Caucus. Moore, along with colleagues such as New York’s Gregory Meeks, Georgia’s David Scott, Missouri’s Lacy Clay and Alabama’s Terri Sewell, has pushed for a host of seemingly arcane measures that would undermine Dodd-Frank’s rules on financial derivatives, the complex contracts at the heart of the 2008 meltdown. She is the co-sponsor of multiple measures that would once again allow Wall Street to shift its riskiest transactions out of the view of regulators.”

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Read full Huffington Post article here

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