Senator Blanche Lincoln gets tough with Wall Street

Senator Blanche Lincoln gets tough with Wall Street

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It's routine that people with money seek influence in Washington by contributing to politicians.

It's not routine that a politicians stands up against contributors' interests.

That's what Blanche Lincoln is doing regarding financial reform, rejecting efforts to water-down financial reform requested by campaign contributors.

I'm impressed.

For the real story, check out this piece by Paul Blumenthal at Sunlight Foundation:


The final piece of the financial regulatory reform puzzle is about to come into place as Sen. Blanche Lincoln released language last Friday that would impose rules on the unregulated world of over-the-counter derivatives trading. Lincoln’s bill, the Wall Street Transparency and Accountability Act, is more far reaching than proposals from both the Obama administration and the House of Representatives. This comes as somewhat of a surprise from the moderate and previously bank-friendly senator who has benefited from finance industry contributions in her post as chair of the Senate Agriculture Committee.

Disclaimer: since Sunlight is the big deal for government accountability and transparency, I joined their board.

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2 Comments

Joan Boyd

Blanche Lincoln’s praiseworthy health derivatives reform bill should come as no surprise. Arkansas is known for electing strong senators to serve in Washington, e.g. James McClelland, J.W. Fulbright, Dale Bumpers and David Pryor – all Democrats. Lincoln received a lot of criticism for dissembling on the health care reform bill – enough to encourage an opponent in the democratic primary for her seat. Before the opponent, whasisname, was out of the gate, he had $2 mil in his war chest. Not so fast, moveon.org. If AR has elected Lincoln twice, then she has to have some good qualities. And she’s a woman!
Several years ago NOW caused the defeat of a democratic candidate who was anti-abortion but was “right” on all the other issues. In the long run his opposition to pro-choice wouldn’t have made a difference, and he was the better candidate; and NOW could have known that had they investigated. Before the health care reform bill vote, Nancy Pelosi went to NOW to get their support instead of their flak.

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