Loebsack: Let’s stand up against special interest

By David Loebsack

Our country is still experiencing the worst economic downturn since the Great Depression. Despite what the pundits in Washington say, Iowa families and small business owners are still struggling to make ends meet.

As someone who grew up in poverty in a home where we seldom had means beyond what was necessary to survive, I promise to fight as hard as I can for those who work hard and play by the rules.

For those who break the rules and take advantage of the public's trust, however, it is time for them to clean up the mess they created. We must address the causes of the worst economic downturn since the Great Depression and adopt reforms that will not allow bad actors, such as our largest banks, to continue to act irresponsibly. Unfortunately, since the introduction of Wall Street reform and consumer protection legislation in the House last year, the actions taken have been at risk of being derailed because of lobbyists' and special interests' backroom dealings.

To put this problem into perspective, according to the Center for Responsive Politics, the finance, insurance, and real estate sector has spent over $3.8 billion over the past decade and over $455 million in 2009 alone to influence Congress. There were more than 2,700 of these federal lobbyists registered in 2008 and nearly 2,600 in 2009. That equates to nearly five lobbyists for each of the 535 members of Congress last year.

The very same Wall Street institutions and massive, international banks that have benefited from bipartisan efforts to save the U.S. economy are now mounting a concerted effort to kill reform. These same institutions opposing common-sense reforms are continuing to make money on the backs of hard-working people as the recession continues, homeowners fight to stay above water, and ordinary Iowans worry about their jobs and balancing the family budget. This is simply unacceptable.

True Wall Street reform should ensure the smooth functioning of the free market by ending bailouts for too-big-to-fail institutions, protecting consumers from unfair and deceptive practices, outlawing predatory lending practices, providing sunlight and transparency for the first time on $600 trillion worth of over-the-counter (OTC) derivatives trading, and increasing common-sense oversight of questionable financial practices.

Every day that we fail to take action, the same system that led to the bailouts remains in place. I am not willing to let that happen, and I hope that my colleagues feel the same way. We must work together, in a bipartisan fashion, to reform Wall Street. We must finish the effort to ensure that the average Iowan is protected, to stop the bailouts, and to end the most abusive practices of Wall Street and massive banks.

We all know that Iowans are working harder but getting less, and more and more families are worried about their future and their children's futures. I share those concerns, particularly the concerns about our children. As someone who grew up as the underdog, I have always said that my job is to advocate for Iowa and stand up for the little guy. As we work on Wall Street reform, I promise to stand up for Iowans.

Dave Loebsack, D-Mount Vernon, is Iowa's 2nd District congressman. Comments:

http://loebsack.house.gov/contactform/