Chamber’s New Anti-Dodd Blitz

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This morning, the radio airwaves here in Washington, DC, featured a new ad from lobbying behemoth the US Chamber of Commerce attacking Sen. Chris Dodd’s new financial reform bill, unveiled yesterday afternoon. The bill, the ad says, would add burdensome bureaucracy to financial regulation, and that we’d all be better off with a revamp of the system in place then creating new entities like a council of regulators and a consumer protection agency. The ad essentially echoes the Chamber’s public position on the Dodd bill—which is outright opposition. “This bill takes three steps backwards with the hope of making future progress,” said David Hirschmann, president and CEO of the Chamber’s Center for Capital Markets Competitivenes.

That the Chamber opposes Dodd’s bill is far from surprising. The organization, which has spent as much as $300,000 a day lobbying, fervently opposes many of the key reforms in the Dodd bill—it even started an entire website, StoptheCFPA.com, to fight plans to create a new Consumer Financial Protection Agency, an independent organization whose purpose would be to protect consumers against predatory lenders, unscrupulous credit and debit card practices, exorbitant rates charged by payday lenders, and more. The Chamber, however, has claimed that the CFPA would kill jobs and place undue burden on small business owners.

Today, the Chamber is holding a press conference on the Dodd bill at its Washington offices. We’ll be there, so check back for more later this afternoon.

 

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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