Congressman Behind Controversial Citigroup Wall Street Provision Is MIA

| by Edward Arnold
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When news struck on Thursday that the House passed a spending bill that included a provision weakening the Dodd-Frank law and loosening restrictions on Wall Street bankers, Sen. Elizabeth Warren (D-Mass.) fought tooth and nail to strike it from the deal.

"Republicans slipped in a provision at the last minute that would let derivatives traders on Wall Street gamble with taxpayer money and then get bailed out by the government when their risky bets threaten to blow up our financial system," Warren told NPR.

The man behind the provision is Congressman Kevin Yoder (R-Kansas).

According to the Huffington Post, he has not been seen or heard from since the spending bill passed on Saturday. They did their research too, calling his office multiple times without any response.

That isn't so weird. What is weird is that his website has had no press releases or statements on the provision that he created. There are no Facebook or Twitter posts either. You would think a Congressman whose legislation was just passed would tell his constituents about the good work he just accomplished.

His constituents are not happy about it and have taken to his Facebook page to voice their opinions.

"How much did Citi donate in exchange for you inserting their requested verbiage?" asked Kevin West, a student at Kansas State University.

Scott Gregory, who lives in Yoder's district, wrote: "I'm sure the good folks of the 3rd District were just beating down the door to get CITI favored treatment. You are a sell-out to Wall Street lobbyists."

Mother Jones has been reporting that the provision was “almost entirely written by Citigroup lobbyists.”

"This is outrageous," said Marcus Stanley, the financial policy director at Americans for Financial Reform. "This is to benefit big banks, bottom line."

Yet the bill was supported by majority leaders in both the House and the Senate.

Minority leader Nancy Pelosi opposed the provision and voted against the spending bill.

On Friday, Warren took her fight to the Senate floor to add an amendment to the bill to exclude the provision. It did not pass. 

Senate majority leader Harry Reid responded saying that the passage of the spending bill is more important than the removal of the provision.

"I don't support the weakening of Dodd-Frank and the restrictions on the District of Columbia and other things, but I didn't write this bill," Reid said on the Senate floor Friday. "The Senate Democrats didn't write this bill alone. It's a compromise. That is what legislation is all about."

The White House was in support of the bill, despite some democratic opposition.

Yoder has yet to comment on the passing of his provision. 

Source: Huffington PostNPRMother JonesHuffington Post / Photo Credit: KSHB, Wikimedia Commons