New Dems Seek to Lead Regulations Rewrite

by: Chris Bowers

Wed Feb 18, 2009 at 19:49

Occupying a place roughly equidistant between the Blue Dogs and the Progressives, but slightly to the right of the House Democratic caucus as a whole, the New Democrats are an often overlooked third (and now fourth) ideological group within the House Democratic caucus as a whole. Ideologically speaking, the New Democrats are closely aligned with 1990's Clintonian policies, and the Democratic Leadership Council. Generally speaking, it is a corporatist group that is left-wing on cultural issues. Of any ideological group in either major political party, the New Democrats were consistently the staunchest supporters of the Wall Street bailout, for example.

Peaking in the 1990's and the early part of this decade, their relative power has swooned a bit in recent years. First, they were passed by the Progressives in overall size. Next, the Blue Dogs stole all their media mojo. More recently, they lost their most prominent member, Rahm Emanuel, and the representation within the House Democratic leadership that Emanuel provided.

Looking for a path back to relevance, the New Democrats have seized upon the forthcoming revamping of financial sector regulations for influence (more in the extended entry):

Chris Bowers :: New Dems Seek to Lead Regulations Rewrite
The New Democrat Coalition, comprising 60-plus centrist Democrats, are planning a news conference early next week to unveil its principles for revamping financial market regulation, Politico has learned.

The group is working with the White House on the issue and has already met with former New Dem Rahm Emanuel, the former Illinois congressman who's now Obama's chief of staff. The New Dems are also planning a meeting with the president himself.

Already, key coalition members have met recently with Rep. Barney Frank (D-Mass.), the powerful chairman of the House Financial Services Committee who'll lead the financial regulatory reform effort in the House.

This sounds all well and good in practice, as they are talking with the real leaders on the effort, Chairman Barney Frank and the Obama administration. However, financial industry lobbyist megaphone Melissa Bean (IL-08) reveals their real agenda--keep the regulations to a minimum:

Their regulatory principles focus on putting robust consumer protections in place, but also ensuring the new rules support overall economic growth, "which is critical to getting our economy back on the foundation that it needs for the future," Bean explained in an interview.

"Congress can be very well intentioned," she said, "but in its best intentions sometimes so overreacts or overcompensates that it can create other unintended consequences that are problematic and stifling to our economy."

The New Democrats see themselves as helping counteract such overreaching and overreaction, she said.

In our current economic climate, it takes an extraordinary level of deference to the financial sector to argue that the real problem with the federal government's relationship with that industry is that it often over-regulates. And yet, even as our economy has collapsed largely because of lax regulations, Melissa Bean tells the Politico, with a straight face, that Congress is well intentioned but often over-regulates.

With spokespeople like this, its no wonder the New Democrats have seen their influence decline over the past few years.

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I thought this part was funny (4.00 / 2)
Around K Street, New Dems are respected as wonks with competency and understanding on key business issues

New Jersey politics at Blue Jersey.

Bean wants it all (4.00 / 5)
She's also a Blue Dog and apparently loves to give "advice" to both prospective House members and new House members as to steering well to the right as the key to keeping their seats.  

Bean was elected in 2006 when Obama leading by huge margins over Alan Keyes sent an army of Chicago Dem workers into her suburban district.  It was one of the most altruistic things Obama did in politics but overall it has not turned out well.

Can Bean be primaried? .. (4.00 / 2)
or does she have her seat through family/political machine connections?

[ Parent ]
The "New Democrat Coalition" - sounds like Republicans wrote it - (4.00 / 1)
I have not had a chance to look yet, but I'll just ask if any of them are on the Financial Services Committee?

Not Ideas About The Thing, But The Thing Itself -- Wallace Stevens

freshman Rep Jim Himes (CT-04) (4.00 / 2)
this seems relevant: http://tpmdc.talkingpointsmemo...

[Himes] sits on the House Financial Services Committee and he's also co chairing the New Democratic Coalition task force on financial reform along with Rep. Melissa Bean of Illinois ... While Himes would have every incentive, given his district and where much of his money comes from, to protect the industry he said to me that "the highest priority is transparency."

i hope he does the right thing.  i volunteered for him out here and was thrilled when he beat Shays.

[ Parent ]
there's a progressive caucus? YAWN? WTF (0.00 / 0)
are they? and my "W" stand for WHERE.

Jim McDermott from Seattle has been my rep for most of the 20 years I've lived out here, AND about all we get outta him is the same ol same ol tired ol whining about the lying meanies are unethical and mean and they lie ... can't the progressice caucus manage anything more than standing around whining like pathetic sacks of shit about what they can't do?

most progressive issues are ONLY on the side of 80% of hte population, or more, SO WHERE THE HELL IS THE MESSAGE TO WIN?

I'm sick of blaming fascist fucking liars for being fucking liars cuz ... THAT IS WHAT THEY ARE! ugh.

'progressive caucus' ?? I wish. rmm.

It is too full o' the milk of human kindness To catch the nearest way

good info (0.00 / 0)
i dont find too many articles about the inner workings of parties, i would love more , thanks

whatever you think people owe you, that is what you owe people

rahm always working against the american people and for wall street/corp. Am. (4.00 / 1)
there he is again trying to slant things towards big business and wall street ... as always.  I found it quite funny that a recent story in politico ... I think ... that had rahm losing out on his "desire" to impose stricter pay restrictions on wall street ceos which he so predictably lost to geithner.  what a joke!  rahm emanuel works for wall street.  he works the press to deceive the american people as to who he represents.  emanuel promoted nafta. he went to wall street afterwards after leaving the clinton administration and made a lot of money on wall street.  he empowered the blue dog candidates when he was head of the dccc again slanting things in the interests of big business so the dems can do their "blame it on the blue dogs" kabuki bullshit and keep acquiescing to big business interests while deceiving the american people that they are doing as much as they can.  it was just recently that a blue dog came out and said that he was told by obama aides to vote against obama's stimulus proposal. I wonder who did that?  And who showed up to negotiate with the blue dogs to anxiously acquiesce to some of the blue dog/big business' interests on it?  while of course rahm emanuel, traitor to the democrat party, traitor to the american people.

this guy is scum and obama knows exactly who he hired and why he hired him so I don't think much of mr. change either who hired this scum and a bunch of scum rubinites to represent wall street criminals who looted our economy.


Sarbanes-Oxley? (0.00 / 0)
I don't think anyone has anything good to say about Sarbox's results, and lots of bad things to say about its cost and complexity, and it taints any company that wants to be listed on a public stock exchange.

So if these guys were actually concerned about preventing unhelpful regulation but not hindering necessary regulation, life would be grand.  

[ Parent ]
sarbanes-oxley was not enforced IMO (0.00 / 0)
I suspect that sarbanes' wasn't enforced.  I do not remember one exec being charged for violating it although many have misrepresented their companies' fininacial condition.  That was all a dog-and-show to get the american public to believe that something was being done to prevent more enrons and worldcoms. then wall street bought off the whores in the bush administration in the '02 and '04 elections and we ended up with a wall street that was no longer concerned or cautionary about being caught ... they were and had bought themselves out of it ... for they knew who the government served and whose it was:  them and theirs.  

Maybe the bear stearns crew is being charged under it ... I don't know.


[ Parent ]

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