Black Caucus blocks Wall St. vote
Members of the Congressional Black Caucus threatened to oppose a key financial regulatory reform bill Thursday over unrelated economic concerns, forcing Financial Services Chairman Barney Frank to yank his bill before a final committee vote.
The move is being interpreted as the CBC sending a message to the Obama administration that they need to be more aggressive in supporting measures to help African American communities.
Frank (D-Mass.) had intended to have his committee vote this afternoon on the bill, one of the key pieces of the administration’s plan to restructure the nation’s financial architecture. But he announced he was postponing the final vote until after Thanksgiving after CBC members on the panel told him they would vote against it due to concerns over the “lack of response to the economic situation,” Frank said according to news reports.
“They said that they weren’t going to support the bill today because of issues absolutely unrelated to the bill – larger economic issues facing the African American community – so we put off the vote to give the time for the administration, leadership and the CBC to work those issues out,” Frank spokesman Steve Adamske told POLITICO.
The effort is being led by Rep. Maxine Waters, the most Senior CBC member on the Financial Services Committee, and the move was the product of numerous meetings, said a source familiar with the talks. CBC members met with Treasury Secretary Tim Geithner at the beginning of the week and with Shelia Bair, chairman of the Federal Deposit Insurance Corp., Wednesday, the source said.
The source said the decision to put the breaks on the committee vote is based on a substantive critique of the Obama administration on regulatory reform and financial issues that pertain to African Americans.
Waters released the following statement: “The recession has created a unique systemic risk that threatens all parts of the African-American community, including the poor and the middle class. I have always been committed to addressing that risk and will continue to do so. This is a critical issue for my constituents.”
Her spokesman said he was unable to elaborate on the situation.
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Sources: Politico, Congressional Black Caucus, House.gov, TMPTV, Wikipedia, Youtube, Google Maps
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