Democrats, who were complicit in the financial meltdown of 2008, now undermining financial regulation

“Lobbyists and House Democrats working to roll back a key provision of Wall Street reform are taking liberties with the truth as they make their case ahead of a key House vote.

“At issue is [H.R. 992, which will modify] what kind of derivatives trades ought to be backed up by collateral and regulated.”

A letter from Rep. Jim Himes (D-Conn.) to his colleagues claims support for lax regulation from former Rep. Barney Frank (D-Mass.), a chief sponsor of the historic Dodd-Frank reform law; Sheila Bair, reform-minded former head of the Federal Deposit Insurance Corporation; and Rep. Maxine Waters (D-Calif.), the ranking member on the House Financial Services Committee.

But Himes distorted the position of all three. And he’s welcome to BITE ME.

Democrats Claim Barney Frank, Sheila Bair, Maxine Waters Back Deregulation Bill. That’s Not True (UPDATE).

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