THE CASE AGAINST LYNN JENKINS CHAPTER 22 - FOLLOW THE MONEY

Follow the Money!

This is a list of Lynn Jenkins 21 top contributors.

1.   QC Holdings, a pay day rip off company, $49,500

2.   Wish List, a Pro-Choice Republican Women's Group, $22,797

3.   Freedom Project, a Republican Leadership PAC, $20,000

4.   Colt Energy, an Oil & Gas company, $18,550

5.   Crossland Construction, a large General Contractor, $18,300

6.   American Bankers Association, Fat Cat Bankers, $18,000

7.   Credit Union National Association, not for profit bankers, $16,400

8.   Koch Industries, a Wichita based conglomerate, $15,500

9.   Republican Main Street Partnership, Republican Leadership PAC, $15,500

10. IBT, Inc., an industrial supply company, $15,200

11. Every Republican is Crucial Pac, a Republican Leadership PAC, $15,000

12. Price Waterhouse Coopers, Fat Cat Auditors, $15,000

13. American Institute of CPA's, professional association, $14,999

14. American Society of Anesthesiologists, Doctors, $14,500

15. Aiva USA, Fat Cat Insurance Co., $14,300

16. Emmental Inc, Telecommunications Holding Co., $14,000

17. Russell Stover Candies, Candy Company, $13,800

18. Hallmark Cards, Greeting Card Company, $13,750

19. Kansas State Bank, Fat Cat Bankers, $12,600

20. Ash Grove Cement, Concrete Company, $12,350

21. Berexco, Inc., Oil & Gas company, $12,350

That's $347,396, 3 Republican Leadership Pacs, 2 Oil and Gas Companies, 4 Fat Cat Entities, a half dozen large to super large companies, and a handful of other business interests, the Pro-Choice Republican ladies, and of course her top contributor is engaged in the legalized loansharking business - it runs a chain of Pay Day Loans Centers. Lynn Jenkins votes to keep business unregulated because that's where her money comes from. As I've said before if you gave her lots of money she'd vote your interests too!

THE CASE AGAINST LYNN JENKINS CHAPTER 21 - SHE REPRESENTS WALL STREET NOT MAIN STREET

This is Lynn Jenkins, she does not represent us.

H.R. 4173, the Restoring American Financial Stability Act of 2010, is a prime example of compromise being essential to the art of politics. The bill got watered down over in the Senate, where Democrats have a tenuous majority. We have lost two Senators in this Congress. Senator Edward M. Kennedy passed away and a Republican was elected to replace him. Now the Dean of the Senate, Senator Robert C. Byrd, has died and with his passing the margin is razor thin in the upper house.

Some members of Congress believe that "too big to fail" has ended because the way to dissolve failing financial institutions requires that financial institutions foot the bill, not the taxpayers. Others wanted banks to have skin in the game and let the bankers fail if the bank goes under. Those are the bankers for whom Lynn Jenkins has been hard at work protecting their exorbitant salaries and Golden Parachutes.

When it comes to "too big to fail" this is what happens when a bank dies. First, comes a determination by the Federal Reserve Bank that such action is necessary for purposes of the financial stability and not for the purpose of preserving the covered company.

Second, they would have to ensure that the shareholders do not receive payment until the claims are paid.

Third, the Federal Reserve Bank would have to ensure that unsecured creditors bear losses in accordance with the priority of claims in section 210. That is the FDIC.

Fourth. the Federal Reserve Bank has to ensure that the management is removed, and they would have to ensure that the members of the board of directors are removed.

Representative Melvin Watt, [D] North Carolina

The first Anti-Predatory lending bill was introduced by North Carolina Democratic Representative Melvin Watt together with another North Carolina Democrat, Representative Brad Miller. Their bill was introduced on March 16, 2004. Their bill denounces the lies that no one could have seen this economic meltdown coming. At long last this important piece of Anti-Predatory lending has been incorporated into H.R. 4173.

Representative Brad Miller, [D] North Carolina

Pennsylvania's Democratic Representative Paul E. Kanjorski, like me, found H.R. 4173 to be a less than perfect bill. He said: 

 "[O]ur work today is only a beginning, not an end. Going forward, Congress needs to attentively watch our changing financial marketplace and carefully monitor our regulators in order to protect against systemic risk, forestall potential abuses of corporate power, safeguard taxpayers, and defend the interests of consumers and investors. Moreover, the United States must continue to encourage its allies abroad to adopt strong financial services regulatory reforms so that we will have a strong, unified global financial system.

Although we may be completing our work on this bill, it is important for us to remain vigilant."

Representative Paul Kanjorski, [D] Pennsylvania

Lynn Jenkins voted to kill the bill on roll call 412, the Motion to Recommit, That motion failed by a vote of 198 to 229. On the next roll call Lynn Jenkins voted for the fat cat Wall Street Bankers for whom she works, she voted against increasing regulatory scrutiny over financial institutions, she voted against stockholder protection, and she voted against ending "too big to fail." On roll call 413 Lynn Jenkins and the Party of No voted against H.R. 4173, the vote was 237 to 192. 

Lynn Jenkins is beholden to Republican Party Leadership PACs to the tune of $140,000 and also to Commercial Banks to the tune of $119,000.  She's got to pay the piper.  

Action on H.R. 4173 is pending at the Clerk's desk in the Senate.

THE CASE AGAINST LYNN JENKINS CHAPTER 20 - SHE VOTES AGAINST EXTENDING UNEMPLOYMENT INSURANCE

This is Lynn Jenkins, she does not represent us.

H.R. 5618 is the Restoration of Emergency Unemployment Compensation Act of 2010. This extension of unemployment benefits failed to get the required ⅔ vote mandated by the Rule under which brought it to the House, H. Res. 1495. Rule 6 (a) speaks to Privileged Reports from the Rules Committee. Generally a bill cannot move to the House on the same day it is introduced, because H.R. 5618 was introduced on June 30th and considered on June 30th, passage required a ⅔ vote of the members present. Yesterday 416 Representatives were present and voting, the ⅔ margin was 282. The vote, on roll call 398, was 261 to 155.

Republican economic policies were implemented in the eight years of George W. Bush's administration. Wall Street was deregulated. Republicans in Congress and the White House took this nation from a BUDGETARY SURPLUS to BUDGETARY DEFICITS and they wrecked the economy along the way.  Massive unemployment continues, despite stopping the job loss hemmorhage of the previous administration.

We've seen Lynn Jenkins vote against any measures to reign in Wall Street, prohibit Golden Parachutes, or regulate Insurance Companies. When it comes to the average American Lynn Jenkins tells you to tough it out. She voted against families struggling to keep bread on the table when she voted against extending unemployment insurance benefits.

This bill will return and  it will garner the necessary simple majority. Help is on the way, no thanks to Lynn Jenkins who cares more for fat cats than regular folk.

Coming up will be the Conference Report for H.R. 4173, the Restoring American Financial Stability Act of 2010.  Wednesday's debacle will not be repeated.  Yesterday the House passed H.Res. 1487, which waives Rule XIII 6(a), so that only a simple majority will be needed  to pass. H.Res. 1487 also covers H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010.

Democrats aren't going on the Fourth of July holiday break without restoring hope to Americans.

THE CASE AGAINST LYNN JENKINS CHAPTER 10 - REPRESENTING THE INTERESTS OF WALL STREET OVER MAIN STREET

This is Lynn Jenkins, she does not represent us

H.R. 4173 is called the RESTORING AMERICAN FINANCIAL STABILITY ACT of 2010. Today we will listen to the voices of a few House Democrats who rose to support H.R. 4173.


Representative James R. Langevin, of Rhode Island said:

• Mr. LANGEVIN. Madam Chair, I rise in strong support of H. R. 4173, the Wall Street Reform and Consumer Protection Act, which will rebuild our economy and crack down on Wall Street to prevent another economic collapse caused by institutions that are ``too big to fail.''

Representative James R. Langevin

• Over the past year, I, like many Rhode Islanders, have been angered by the greed exhibited by Wall Street and other companies that took advantage of their investors, preyed on our constituents, and rewarded executives with outrageous pay packages. With this bill, consumer protection will come first, and irresponsible companies will be held accountable for their actions.

• I would like to thank the committees for their work on this bill, and especially want to thank Chairman Frank for his leadership on this strong reform measure. I encourage all my colleagues to vote for this bill

Representative Charlie Melancon, of Louisiana said:

Representative Charlie Melancon

• Mr. MELANCON. Madam Chair, I rise today on behalf of thousands of families in Louisiana and across the nation who have been devastated by the fraud of Allen Stanford and his financial companies.

• Earlier this year, men and women who had played by the rules and worked hard to prepare for retirement and their children's futures learned that they had been cheated out of a lifetime of savings.

• While we continue in our efforts to make these families whole, we have a responsibility to ensure that this kind of fraud never again happens in the United States. The investor protections included in H.R. 4173, the Wall Street Reform and Consumer Protection Act are a monumental step toward this goal.

• One thing we have learned through this tragedy is that the greed of criminals like Stanford is matched only by the danger of deregulation. The Securities and Exchange Commission, which was designed to prevent this very situation, is deeply flawed. The bill we are now considering reforms the agency and strengthens its authority to effectively and forcefully protect investors and our securities markets.

• In addition, the bill creates incentives for whistleblowers to expose crooks like Stanford. Through a new whistleblower bounty program, we will reward individuals who provide tips that lead to the prosecution of fraud.

• Finally, under this bill, every financial intermediary who provides advice to an investor will have a fiduciary duty toward them. This standard will force broker-dealers and investment advisers to put first, their customers' interests--not their own pocketbooks.

• American citizens need the confidence that their government will act quickly and forcefully to protect their hard-earned savings. The investor protection measures in the Wall Street Reform and Consumer Protection Act will provide families the security they need to prepare for the future.

Representative Patrick Kennedy of Rhode Island said:

Representative Patrick Kennedy

• Mr. KENNEDY. Madam Chair, last fall, after 8 years of the previous administration looking the other way while Wall Street and the big banks exploited loopholes, we faced a near collapse of our financial system. Deregulation and lax oversight allowed Wall Street and big banks to gamble with the hard-earned money of the American people, compromising our savings and risking our future. Over the last year, Congress has had to make difficult, and frankly unpopular, decisions that were necessary to rescue our economy from the brink of disaster.

• The Wall Street Reform and Consumer Protection Act will put in place the rules to make sure that this doesn't happen again, to protect the middle-class Americans who play by the rules from the consequences of Wall Street greed. This legislation ends many of the unfair lending practices that created predatory mortgages and waves of foreclosure. By stopping ``too big to fail'' firms before they threaten to wreak havoc on our economy, H.R. 4173 will finally put an end to the era of taxpayer-funded bailouts.

• While many aspects of this legislation are important, perhaps its most significant achievement is the establishment of an agency whose primary mission is to ensure the safety of financial products and look out for consumers. For too long, all of our fractured regulatory agencies have only looked out for the financial institutions they work for. The Consumer Financial Protection Agency will look out for unsafe financial products the same way the FDA monitors unsafe medicines or the Consumer Product Safety Commission examines our children's toys.

• While we have taken extraordinary actions to correct our economic crisis, the Wall Street Reform and Consumer Protection act takes the necessary actions to hold accountable the people responsible for last year's crisis and to prevent another crisis in the future.



Representative Barbara Lee of California said:

Representative Barbara Lee

• Ms. LEE of California. Madam Chair, I rise in support of H.R. 4173 and Chairman BARNEY FRANK's manager's amendment.

• I want to thank the Chairman for his hard work and dedication to Comprehensive financial reform and strong protections for consumers. It is vital that we have a standalone agency whose sole mission is to protect the rights of consumers.

• For too long our financial regulatory framework put the protection and stability of financial institutions first and too often ignored the impact on American consumers and retail investors.

• The Consumer Financial Protection Agency will help ensure that Wall Street will not be able to bring our economy to the brink of disaster ever again.

• I also want to thank Chairman FRANK and the members of the Financial Services Committee for working with Congresswoman MAXINE WATERS and the Congressional Black Caucus to include several important provisions in the bill.

• Specifically, thanks to their focused work, this bill will include $3 billion in funds to provide relief for unemployed homeowners. It will extend credit for the recently unemployed that will help save homes from foreclosure.

• This bill will stop the spread of foreclosure rescue scams and includes a vital $1 billion increase in Neighborhood Stabilization Funds to protect our hardest hit communities.

• Lower income communities and communities of color were targeted for these unaffordable and unethical products that are now driving millions of families into foreclosure.

• Access to financial services and insurance products for historically underserved communities is strengthened.

• The Office of Minority Inclusion, whose goal will be to make sure that all Americans have the equal protection of the work of the entire Federal financial regulatory framework is included in this bill.

• Fairness of access and opportunity, transparency and strong enforcement of securities regulations are vital to bringing our economy back from recession and ensuring that the uncontrolled risk taking on Wall Street will never again have such a devastating impact on the entire economy.

• Again, thank you Chairman FRANK, Congresswoman WATERS and the Financial Services Committee for such an important bill.

Representative Ron Kind of Wisconsin said:

Representative Ron Kind

• Mr. KIND. Madam Chair, I rise today in support of H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009.

• Over the past year, we became aware of many financial practices which were abusive and reckless. We're putting an end to those practices and making ``too big to fail'' a thing of the past. Americans will no longer be responsible for the bad business calculations and irresponsible behavior that almost brought down our entire economic system. This bill effectively ends the notion of a government guarantee by allowing large, systemically risky institutions to fail at their own expense and in a way that doesn't jeopardize the whole U.S. financial system.

• The legislation holds Wall Street accountable through increased transparency and regulation of risky practices. A new systemic risk regulator will monitor financial activity across the whole sector to identify risks and irresponsible behavior and prevent them from becoming a problem for individual investors and the entire economy. The bill also establishes an orderly process for dismantling large, failing companies--at their own expense, and requires that stockholders and executives take a financial hit if risky deals fall through, ensuring an end to taxpayer funded bailouts.

• This bill effectively reforms our financial system without unduly restricting appropriate risk- taking. This is pro-business, anti-bailout legislation that aims to address the flaws in the current system in a targeted manner to minimize the burden on those who did not cause the crisis, like Community Banks and Credit Unions--most of whom will be exempt from additional oversight by the Consumer Financial Protection Agency, CFPA.

• We are addressing the fractured oversight that exists in our current system. In creating a Consumer Financial Protection Agency, we will establish a baseline for consumer financial protection and target the appropriate financial institutions. If we are willing to demand that products used by our children are reviewed for safety, we should demand appropriate oversight for the financial products we use to pay for their college. More broadly, the CFPA will ensure that all consumers have a watchdog to protect them against financial institutions engaging in abusive or deceptive practices.

• This bill focuses on reforming the system so that we maximize the good and minimize the harm, and I am proud to support it

Representative Peter DeFazio said:

Representative Peter DeFazio

The House in Committee of the Whole House on the State of the Union had under consideration of the bill (H.R. 4173) to provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives market, and for other purposes:

• Mr. DeFAZIO. Madam Chair, I rise to express my concerns over the legislation before us. H.R. 4173, The Wall Street Reform and Consumer Protection Act, takes steps to address many of the problems that created our current financial crisis. However, I am alarmed at a number of provisions that weaken the bill.

• The creation of a Consumer Financial Protection Agency is long overdue. Consumers need a strong advocate to protect them from the many questionable and confusing financial products offered. However, provisions put in by the banking industry to preempt meaningful state regulation threaten the strong consumer protections we are fighting for. Federal rules promulgated by this agency should set a floor of protection, not a ceiling.

• Title III, pertaining to regulation of derivatives, could have been improved by amendments offered that banned certain abusive derivatives from being traded and offered better transparency to the swap market. Unfortunately, those commonsense amendments were defeated. Other amendments that created more loopholes in the derivatives markets were unfortunately included.

• I was also disappointed that several amendments I cosponsored were denied an up or down vote. The Inslee/DeFazio/Hinchey ``Too Big to Fail'' amendment set a cap on the size of bank liabilities for financial institutions. Instead of relying on regulators to protect us from financial firms laden with risky investments, this amendment simply breaks up companies with excessive liabilities. The Hinchey/Inslee/Conyers/DeFazio/Tierney amendment would restore key protections from the Glass Steagall Act including the separation of commercial and investment banking.

• Furthermore, I opposed the Republican Motion to Recommit because it struck all financial reform from the bill, and would have ended the TARP program at the most inopportune time. I have long opposed the TARP program because it bailed out Wall Street for excessive risk taking at taxpayer expense. Now that Wall Street has been bailed out, the major problem facing Americans is rising unemployment. We should redirect the remaining TARP funds to real job creation on infrastructure because that will get people back to work quickly, rebuild critical infrastructure, and these jobs cannot be exported overseas. Wall Street got its bailout, now it's time to jumpstart American job creation.

• I was a strong opponent of financial deregulation legislation in the 1990s. This undermined our financial regulators and gave Wall Street the opportunity to make the risky speculative bets that it lost big on. Reversing this trend is essential; therefore I plan to vote in favor of this legislation to move the process forward. I am eager to see what emerges from the Senate as they continue their debate on financial reform. I am hopeful that this legislation moves us back to responsible regulatory oversight. It is important that we rein in the cowboy capitalism that has too long prevailed in our financial markets.

It is clear that Democrats are trying to solve the economic mess left behind by George W. Bush and former Republican dominated Congresses. It is clear that the Republican Party has no intention of representing the people when they can profitably cater to Wall Street Fat Cats. Lynn Jenkins and the Party of No voted against H.R. 4173 by a vote of 223 to 202 on roll call 968. No Republicans voted for this bill.

H.R. 4173 passed the Senate on record vote 169 with a margin of 59 to 39. The Senate passed the bill with an amendment. A conference committee will hash out the differences. Senators Brownback and Roberts also voted against jobs and for Big Banks.

THE CASE AGAINST LYNN JENKINS CHAPTER 5: In Bed with Legalized Loan Sharks - the Payday Rip Off Companies

This is Lynn Jenkins, she does not represent us

Occasionally you see the advertisements on television, soothing music and non-threatening voice over making the gentle persuasion to borrow responsibly. After all everybody needs a little extra cash from time to time. It's alright, come and get a little cash. The trap is set.

You understand of course that it is impossible to borrow responsibly from a loan shark, legalized or not. In Kansas the governing statute is found in Kansas Statutes at §16a-2-40 Payday loans; finance charges; rights and duties. For a payday loan you pay 15% interest, the loan can last from 7 to 30 days and is limited to $500.00.You can only have two loans from a particular lender within a 30 day period.

Beware of Payday Loan Sharks

Gee, that's nice, if you get paid every other week then you can get hooked into a bottomless pit. So if you go in and get the $500 for a two week loan, you write the scoundrels a check for $575.00, which they don't cash if you come back on the due date and pay them off.

Of course, when you pay them back their $500 and the interest of $75, you know you're back to broke because you were living hand to mouth when you first entered their trap. So you get another loan. In two weeks you come back and repeat the fiasco. That's $150 a month going to interest, which will be $1,800 if you do it for a solid year.

This is predatory lending at its worst. In 2007 the Congress agreed and outlawed the most egregious payday loan practices where the borrower was in the Armed Services.

That law prohibits: ◊ Requiring military members to set up an allotment as a condition of receiving a loan. ◊Requiring the use of a vehicle title as security for any loans made to service members and military family members. ◊ Using a check or any other access to a member's financial account as security for a loan. ◊ Lenders from renewing, repaying, refinancing, rolling over, or consolidating consumer credit using the proceeds of other credit granted by the same lender to the military member. ◊ Requiring military members to waive their rights under federal law. ◊ Denying the opportunity for military members to pay the loan off early, and any penalties for early payments. ◊ Any reasonable clauses in the contract designed to make it difficult for military members to take a creditor to court. ◊ States from allowing creditors to violate state consumer loan protections laws for military members who are nonresidents.

That law said these predatory lenders could charge military members no more than 36%!!! The Kansas Law on this is found at In Kansas the governing statute is found in Kansas Statutes at §16a-2-40

You remember H.R. 4173, the Wall Street Reform and Consumer Protection Act from a previous posting. This bill brings the payday lenders under Federal supervision for the first time. You'll find chapter and verse in Title IV the Consumer Financial Protection Agency Act.

Now why do you think Lynn Jenkins voted against this bill? Her top contributor during the 2009 - 2010 election cycle was QC Holdings. QC Holdings is a publicly traded payday loan company based in Overland Park, Kansas with over 500 stores nationwide. They've given Lynn Jenkins $17,500 and she's carrying water for them. That's $17,500 extracted from desperate Americans gone to Lynn Jenkins so she can vote against bills like The Wall Street Reform and Consumer Protection Act of 2009, H.R. 4173. 

Do you remember the spider and the fly?

The Spider And The Fly

by Mary Howitt (1799-1888)

"Will you walk into my parlor?" said the spider to the fly;

"'Tis the prettiest little parlor that ever you may spy.

The way into my parlor is up a winding stair,

And I have many curious things to show when you are there."

"Oh no, no," said the little fly; "to ask me is in vain,

For who goes up your winding stair can ne'er come down again."

"I'm sure you must be weary, dear, with soaring up so high.

Well you rest upon my little bed?" said the spider to the fly.

"There are pretty curtains drawn around; the sheets are fine and thin,

And if you like to rest a while, I'll snugly tuck you in!"

"Oh no, no," said the little fly, "for I've often heard it said,

They never, never wake again who sleep upon your bed!"

Said the cunning spider to the fly: "Dear friend, what can I do

To prove the warm affection I've always felt for you?

I have within my pantry good store of all that's nice;

I'm sure you're very welcome - will you please to take a slice?"

"Oh no, no," said the little fly; "kind sir, that cannot be:

I've heard what's in your pantry, and I do not wish to see!"

"Sweet creature!" said the spider, "you're witty and you're wise;

How handsome are your gauzy wings; how brilliant are your eyes!

I have a little looking-glass upon my parlor shelf;

If you'd step in one moment, dear, you shall behold yourself."

"I thank you, gentle sir," she said, "for what you're pleased to say,

And, bidding you good morning now, I'll call another day."

The spider turned him round about, and went into his den,

For well he knew the silly fly would soon come back again:

So he wove a subtle web in a little corner sly,

And set his table ready to dine upon the fly;

Then came out to his door again and merrily did sing:

"Come hither, hither, pretty fly, with pearl and silver wing;

Your robes are green and purple; there's a crest upon your head;

Your eyes are like diamond bright, but mine are dull as lead!"

Alas, alas! how very soon this silly little fly,

Hearing his wily, flattering words, came slowly flitting by;

With buzzing wings she hung aloft, then near and nearer grew,

Thinking only of her brilliant eyes and green and purple hue,

Thinking only of her crested head. Poor, foolish thing! at last

Up jumped the cunning spider, and fiercely held her fast;

He dragged her up his winding stair, into the dismal den -

Within his little parlor - but she ne'er came out again!

And now, dear little children, who may this story read,

To idle, silly flattering words I pray you ne'er give heed;

Unto an evil counselor close heart and ear and eye,

And take a lesson from this tale of the spider and the fly.