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Rep. Ami Bera will join Obama on trip to India

By Josh Richman
Tuesday, January 20th, 2015 at 12:25 pm in Ami Bera, U.S. House

Rep. Ami Bera will accompany President Barack Obama on the president’s trip to India this weekend, the California congressman announced Tuesday.

Ami_Bera_official_photoBera, D-Elk Grove, is the only Indian-American now serving in Congress and co-chairs the Congressional Caucus on India and Indian Americans. He just beat back a serious electoral challenge last year from Republican former congressman Doug Ose; Bera kept his seat by just eight-tenths of a percentage point.

Bera will be part of the delegation traveling this Saturday to New Delhi, India, where he and the president will attend Republic Day events and meet with Indian leaders.

“As the son of Indian immigrants, I am extremely honored to be a part of this historic trip to India with the president,” Bera said in a news release. “Prime Minister Modi’s trip to the United States last year was a turning point in relations for our countries, and now this trip will be an important opportunity to continue to move the U.S.-India relationship forward.”

Bera said the United States and India should seek ways to grow strategic and economic partnerships. “That will help bring stability to the Southeast Asia region and benefit our economy, in particular opening markets to California and Sacramento County products and creating new jobs. As the oldest and largest democracies in the world, our countries have many common interests and I hope this will be another step toward realizing the full potential of the U.S.-India partnership.”

Bera made his first official visit to India in 2013, during which he helped broker some cooperative deals between the Confederation of Indian Industry and UC-Davis. But his support of Modi – a controversial figure whom opponents say has oppressed Muslims, Sikhs and Christians – caused some Indian-Americans to oppose his re-election bid last year and stage protests in cities including Rancho Cordova and Davis.

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SD7: Bonilla and Buchanan face off in Dublin

By Josh Richman
Tuesday, January 20th, 2015 at 9:11 am in California State Senate, Joan Buchanan, Susan Bonilla

The first faceoff between Assemblywoman Susan Bonilla and former Assemblywoman Joan Buchanan since the launch of their campaigns for the East Bay’s 7th State Senate District special election was rather amicable, and showed barely a sliver of sunlight between their policy stances.

Bonilla & Buchanan 1-19-15 (photo by Josh Richman)Bonilla, D-Concord, and Buchanan, D-Alamo, sought the TriValley Democratic Club’s endorsement Monday night in Dublin. The result was not really in doubt – that’s Buchanan’s home turf, and sure enough, she won the endorsement vote 29-2 with four club members voting to remain neutral.

But it wasn’t really about the numbers – Bonilla knew she probably couldn’t win this club’s nod. Rather, it was about sounding out loyal Democrats for what’s going to be a fast, intense race – the special primary will be held March 17, and the special general on May 19. They’re running to succeed Democrat Mark DeSaulnier, who has just succeeded Rep. George Miller in the House.

“You’ve got two good Democrats, and sometimes we don’t have that, do we?” Bonilla told the club.

“Susan and I have worked closely in the Legislature… and it’s too bad that term limits force good people to run against each other,” Buchanan agreed.

Bonilla said three years as chair of the education budget subcommittee gave her intimate knowledge of the state budget’s largest sector, and she’s proud that Proposition 30’s tax hikes and a resurgent economy have let the state start backfilling the education funding it shorted in recent years.

She said she’s also proud of the Local Control Funding Formula on which lawmakers compromised with Gov. Jerry Brown, and of authoring a bill to move the state away from its standardized STAR testing and toward assessments that better fit the new Common Core curriculum. “We went toe-to-toe with the federal government and we won. We didn’t lose a dime and we didn’t double-test our children last year.”

She recounted her work as a Concord councilwoman to help ensure the former Concord Naval Weapons Station was converted into open space, and her work as a Contra Costa County Supervisor to develop a plan to pay down a $2.1 billion unfunded liability for retiree health care. And she touted her endorsements from DeSaulnier; Rep. Mike Thompson, D-Napa; former Rep. Ellen Tauscher, D-Alamo; many other electeds; and an array of police and firefighter groups.

Buchanan said she’s proud to have authored a new law that protects students’ privacy from data mining when school districts contract with private companies for data management services, or for online programs and mobile apps used for instruction. She also cited her 2012 law to restore the historic beacon atop Mt. Diablo, which has been used in Pearl Harbor Day commemorations in recent decades – “What a difference it made in the lives of some of our brave servicemen” – and her efforts to update and streamline the state’s information technology procurement.

But her passion, she said, is public education

California’s once-great system is “at a critical point now” with too many children struggling in K-12 – “What happens if we leave half our children behind?” – and not enough capacity in the University of California system: “There’s got to be room at the inn.” And quality preschool is needed to ensure children have the proper tools with which to learn, she said.

“We can and we should do better,” she said. “When I go to the senate, I want to be one of the strongest advocates for public education. Public education is every bit a part of our infrastructure as twin tunnels and high-speed rail.”

During a Q&A session, both candidates talked about walking back the state-imposed limit on the size of school districts’ budget reserves; discussed the importance of continuing to reform the state’s costly prison system; touted their efforts in developing more effective job-training programs; and expounded on the importance of maintaining strong services for veterans.

Unsurprisingly, both said they would work to extend the Prop. 30 sales taxes and income taxes on the rich – due to expire in 2016 and 2018, respectively – in order to keep bankrolling education.

“The governor has made it very clear that the word ‘temporary’ means temporary, but … we need to go out to the people, I believe we can make the case,” Bonilla said. “There’s no way that you can get education on the cheap, it just doesn’t work.”

They also were questioned about Community Choice Aggregation, a state policy letting local governments choose greener electricity supply contracts. Bonilla seemed stronger in her support of local governments’ right to pursue this, though both emphasized that communities must do intensive research to ensure the energy they buy really is coming from green sources.

As this race heats up, remember that the 16th Assembly District which Buchanan represented for six years covers substantially more of this senate district than the 14th Assembly District in which Bonilla has just started her third two-year term, so Buchanan might have a name-recognition advantage. But Bonilla has an edge in endorsements (at least, so far) and has good connections that might help her raise more support – for example, her district director, Satinder Malhi of Martinez, also is president of the Contra Costa Young Democrats.

Walnut Creek Republican Mark Meuser and Concord Democrat Terry Kremin also are in the race; Orinda Mayor Steve Glazer, also a Democrat, said Wednesday morning he’s still considering whether to run.

The TriValley Democratic Club is where Rep. Pete Stark and Alameda County prosecutor Eric Swalwell had their first face-off in early 2012 –also was a surprisingly calm, respectful affair, considering how ugly that race later became. Here’s hoping this race doesn’t get as spiteful as that one did.

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A third U.S. Senator supports Kamala Harris

By Josh Richman
Friday, January 16th, 2015 at 12:20 pm in Barbara Boxer, Kamala Harris, U.S. Senate

A third U.S. Senator has lent her support to California Attorney General Kamala Harris’ bid to succeed Barbara Boxer in 2016.

U.S. Sen. Kirsten Gillibrand, D-N.Y., sent an email to supporters Friday morning saying that if they don’t know Harris yet, they will soon.

“Kamala’s awesome record speaks for itself: She’s been a fierce advocate for women and children, common sense gun safety reform, and equal opportunity for all Americans,” Gillibrand wrote. “She’s exactly the kind of leader we need in the Senate – but she’ll have to fight every single day to get there.”

The email included a fundraising plea, with a goal of $35,000 by midnight Friday to “get Kamala off to the strong start she needs,” Gillibrand added. “Kamala has had a slew of firsts: the first woman, first African American, and first South Asian to be elected as California’s attorney general. I have no doubt she’s up to the challenge ahead. I am truly thrilled Kamala’s in this race – and I hope you’ll join me in supporting her today.”

Gillibrand’s email follows support from U.S. Sen. Elizabeth Warren, D-Mass., who tweeted out a fundraising plea:

…and from U.S. Sen. Cory Booker, D-N.J., who did the same:

Harris also Friday rolled out an endorsement from California Assembly Speaker Toni Atkins, D-San Diego. “From her relentless advocacy for California homeowners, to her innovative crime fighting strategies as California’s top cop, Kamala is exactly what California needs to carry on the strong legacy and powerful example set by Barbara Boxer,” Atkins said.

Boxer announced last Thursday that her current, fourth six-year term will be her last. Harris, 50, who was just sworn into her second term as California’s “top cop,” declared her candidacy Tuesday.

Hedge fund billionaire and environmental activist Tom Steyer, 57, a Democrat from San Francisco, seems likelier than not to enter the race. Others who’ve said they’re considering the race include Democratic former Los Angeles Mayor Antonio Villaraigosa; Rep. Loretta Sanchez, D-Garden Grove; Rep. Eric Swalwell, D-Dublin; and former California Republican Party chairmen Tom Del Beccaro of Lafayette and Duf Sundheim of Los Gatos Hills.

UPDATE @ 2:07 P.M.: Rep. Barbara Lee, D-Oakland, is about to email out her own fundraising plea on Harris’ behalf.

“I am proud to tell you that I enthusiastically endorse her candidacy, and will do everything in my power to help her cross the finish line,” Lee wrote in the email, citing Harris’ progressive credentials including her championing a Homeowners’ Bill of Rights; protecting consumers from identify theft and predatory lending; and as district attorney, creating special units to tackle hate crimes and environmental protection. “Kamala is exactly the kind of tough progressive we need fighting for California in Washington.”

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California to host GOP presidential primary debate

By Josh Richman
Friday, January 16th, 2015 at 12:05 pm in Republican Party, Republican politics, Uncategorized

The Republican National Committee announced Friday that one of the nine GOP presidential primary debates it’s sanctioning will be held somewhere in California in September.

It remains to be seen whether the California debate will be held in a GOP-friendly area like San Diego or Orange County, or if it’ll be in the belly of the liberal beast – like the dreaded San Francisco Bay Area.

head to head“The 2016 cycle is underway, and I can tell you it will be a landmark election for Republicans,” RNC chairman Reince Priebus said in a news release, issued as the national GOP holds its Winter meeting in San Diego. “By constructing and instituting a sound debate process, it will allow candidates to bring their ideas and vision to Americans in a timely and efficient way. This schedule ensures we will have a robust discussion among our candidates while also allowing the candidates to focus their time engaging with Republican voters.”

The debates are scheduled for:

  • August 2015 in Ohio, hosted by Fox News
  • September 2015 in California, hosted by CNN
  • October 2015 in Colorado, hosted by CNBC
  • November 2015 in Wisconsin, hosted by Fox Business
  • December 2015 in Nevada, hosted by CNN
  • January 2016 in Iowa, hosted by Fox News
  • February 2016 in New Hampshire, hosted by ABC News
  • February 2016 in South Carolina, hosted by CBS News
  • February 2016 in Florida, hosted by NBC/Telemundo
  • California Republican Party Chairman Jim Brulte said the fact that the Golden State – which won’t hold its presidential primary until June 7 – will host a debate “is a testament to the role California will play in the upcoming 2016 election. We are excited to be part of the streamlined debate schedule and look forward to hosting a robust group of candidates that will share their vision and passion to help move America forward beyond the failed policies of President Obama.”

    The RNC said it and the broadcast partners soon will announce conservative media partners and panelists. Other possible debates still pending are a Fox News forum in March, a CNN forum in 2016 and a conservative media event at some point along the way.

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    Buchanan calls poll ‘definitive,’ foe says it’s ‘BS’

    By Josh Richman
    Friday, January 16th, 2015 at 10:46 am in California State Senate, Joan Buchanan, Mark DeSaulnier, Susan Bonilla

    Former Assemblywoman Joan Buchanan is touting a poll she commissioned that shows she’s better-known and likelier to win the 7th State Senate District special election than the three other declared candidates.

    Buchanan, 62, of Alamo, has twice the name recognition of Assemblywoman Susan Bonilla, 54, D-Concord, among 7th District likely voters – 65 percent to Bonilla’s 33 percent – according to the poll from GarinHartYang Research Group. Only 17 percent know Walnut Creek Republican Mark Meuser, 40, and only 8 percent know Concord Democrat Terry Kremin, 50.

    The poll found 31 percent of likely voters feel positively toward Buchanan while 14 percent feel so about Bonilla, 5 percent about Meuser and 2 percent about Kremin. For context, the poll found 60 percent feel positively about Gov. Jerry Brown; 34 percent feel positively about Rep. Mark DeSaulnier, D-Concord, who just vacated the seat this special election will fill; 26 percent feel positively about Assemblywoman Catharine Baker, R-Dublin, who just succeeded Buchanan in the 16th Assembly District; and 16 percent feel positively about Orinda Mayor Steve Glazer, a Democrat who unsuccessfully sought the Assembly seat and has said he’s mulling this senate contest.

    In a four-way contest, 29 percent of likely voters preferred Buchanan, 12 percent preferred Bonilla, 26 percent preferred Meuser and 3 percent preferred Kremin, while 26 percent said they’re undecided and 4 percent said they supported someone else or nobody.

    And presented with a hypothetical head-to-head, 38 percent said they would support Buchanan and 17 percent said they would support Bonilla, with 35 percent undecided and 10 percent say supported neither or somebody else. Buchanan’s poll surveyed 401 likely voters this past Monday, Jan. 12, and has a 4.9-percentage-point margin of error.

    Buchanan blasted out an email to supporters Friday morning linking to the poll memo and calling the results “definitive… I am in an excellent place to win in this special election.”

    Susan BonillaBut Bonilla campaign consultant Josh Pulliam said Buchanan is pulling a page from a losing playbook. When she ran in the 2009 special primary election to succeed Rep. Ellen Tauscher, Buchanan touted an early poll’s results as evidence that she was in first place and best-positioned to win; she finished fourth, despite spending $1.2 million.

    “Considering Buchanan entered the race touting her slogan of running a ‘positively’ positive campaign, it’s sad that just a few weeks later Buchanan has already broken that campaign promise by attacking the viability of her opponents,” Pulliam said Friday. “But as we have seen from Buchanan’s past tactics, her polling memo is positively BS.”

    The special election is scheduled for Tuesday, May 19, with the special primary on Tuesday, March 17. Bonilla and Buchanan will go head-to-head at a candidates’ forum next Monday, Jan. 19 hosted by the TriValley Democratic Club. Doors open for the event, at the IBEW 595 union hall at 6250 Village Parkway in Dublin, at 7 p.m.; the club’s business meeting starts at 7:30 p.m.; and the candidates’ forum should start by 8 p.m.

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    Mike Honda offers body armor, gun control bills

    By Josh Richman
    Thursday, January 15th, 2015 at 4:35 pm in gun control, Mike Honda, U.S. House

    Rep. Mike Honda introduced a package of three bills this week that he said will increase public safety and aid law enforcement – and are sure to drive gun-rights activists into a rage.

    honda.jpgHonda, D-San Jose, on Wednesday introduced H.R. 378, the Responsible Body Armor Possession Act, which would prohibit the purchase, sale, or possession of military-grade body armor by anyone except certain authorized users such as first-responders and law enforcement. This is his second try at such legislation; the bill he introduced last summer died in the Judiciary Committee without a hearing.

    He also introduced H.R. 377, the Homemade Firearms Accountability Act, which would require that guns that are self-assembled or manufactured at home be regulated the same as those that are purchased. That means all homemade guns would have to have serial numbers. Here too, Honda tried this in the last Congress, but his bill died in the Judiciary Committee without a hearing.

    But H.R. 376, the Home-Assembled Firearms Restriction Act, is a new one – it would ban the sale and purchase of “incomplete lower receivers,” which are easily purchased and converted into functioning firearms.

    AR15 incomplete lower receiverThis could be the most controversial of the three. There’s a big trade in incomplete lower receivers, which often let gun enthusiasts build weapons they wouldn’t be able to buy in stores due to existing laws.

    “These bills are sensible, reasonable measures to limit the damage that can be inflicted by guns and those who mean harm with them,” Honda said in a news release. “We have seen too many people injured and killed by guns to just stand by and do nothing. These bills will modernize our gun laws to reflect how weapons are currently getting into the wrong hands.”

    Honda’s office said the whole package is supported by Alameda County District Attorney Nancy O’Malley, Newark Police Chief James Leal, Stop Handgun Violence, the Coalition for Peace Action, and the Violence Policy Center. The body-armor bill also is supported by the Peace Officers Research Association of California and the California State Sheriffs’ Association. And the serial-number bill also is supported by Third Way and the Brady Campaign to Prevent Gun Violence.

    Honda’s office said he’ll be introducing legislation in each of this Congress’ first six weeks “that addresses a key part of the modern progressive agenda.” Last week, he offered four bills on manufacturing and technology; in coming weeks he’ll tackle human trafficking, STEM education, advanced technology, and the environment and energy infrastructure.

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    Tom Steyer looks good in his own Senate 2016 poll

    By Josh Richman
    Thursday, January 15th, 2015 at 12:13 am in U.S. Senate

    Hedge fund billionaire and environmental activist Tom Steyer said Tuesday he’s considering whether to run for California’s U.S. Senate seat in 2016, but apparently he’s been mulling this for a while: A polling memo shows he commissioned a survey on his chances in mid-December.

    And those chances aren’t bad, the poll found (which, no doubt, is why I was able to obtain the memo).

    “Our December survey shows that Tom Steyer is clearly a strong contender to win the seat now open due to the announced retirement of Senator Barbara Boxer,” according to the memo from the firm of Fairbank, Maslin, Maullin, Metz & Associates. “Steyer’s profile, background and the storyline of his political and charitable involvement combine to form an attractive foundation for a candidacy.”

    CincinnatusLest anyone worry how healthy an opinion Steyer, 57, of San Francisco has of himself, the memo was addressed to “Team Cincinnatus” – presumably referring to the Roman statesman hailed as an icon of virtue, selflessness and humility after twice being chosen for, and then twice resigning, the mantle of dictator in order to protect the republic. Big sandals to fill, there.

    The poll conducted from Dec. 18-22 asked 600 California registered Democrats and nonpartisan voters about their priorities; they named the environment – including climate change, the need for clean-energy jobs, and anti-pollution efforts – among the three top issues facing California’s next senator, along with education and income inequality. The poll also found:

      75 percent would be likely to support a candidate who led the fight to pass Proposition 39, the successful 2012 ballot measure that closed a corporate tax loopholes for out-of-state companies and set some of the revenue aside for schools and clean-energy construction jobs;
      79 percent would be likely to support a national leader in promoting new clean energy technologies;
      66 percent would be likely to support a candidate who “believes climate change is the biggest challenge of our times”;
      66 percent would be likely to support a successful businessman who understands how the global 21st Century economy works; and
      65 percent say they would be likely to support a candidate who has committed to giving away the majority of his personal wealth to help the next generation get a fair shake.

    All of these questions were asked without any mention of Steyer’s name. Afterward, when respondents were read an actual description of Steyer, 75 percent said they would be likely to support him, including 41 percent who said “very likely.”

    Tom Steyer“Much of the elements of this campaign are, of course, yet to be determined so soon after Senator Boxer’s announcement — particularly the precise make-up of the field, including Republicans since all candidates must attempt to qualify for the November general election by finishing in the top two,” the memo said. “What is clearly evident, however, is that unlike other wealthy and mainly self-funded candidates in the past, Tom Steyer possesses a very sound foundation among the voters in terms of the issues, and political and charitable activities that provide his motivation for running. That is a huge asset for him going forward.”

    Read as: Voters won’t be quick to peg Steyer as a rich dilettante who’s trying to buy one of the state’s top political posts, like a certain someone whose name starts with “M” and ends with “eg Whitman.”

    The memo also notes that depending on whether Republicans can field “a credible and financially resourced candidate” in June 2016’s top-two primary, California could wind up with two Democrats going head to head in that November’s general election. “In such a scenario, Tom Steyer’s profile can make him the best positioned candidate to have cross-over appeal, especially with non-partisan voters,” the memo concluded.

    What does it all mean? Some context, after the jump…
    Read the rest of this entry »

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    Ro Khanna’s new project: Opposing landfill growth

    By Josh Richman
    Wednesday, January 14th, 2015 at 2:06 pm in 2014 general, U.S. House

    Ro Khanna, the renegade Democrat who came within a few points of unseating Rep. Mike Honda last year, has found a new, local cause to champion: a fight against stinky garbage.

    Ro KhannaThe former Obama administration official is helping to drum up opposition to a proposed expansion of the Newby Island Landfill. Expanding the dump at the end of Dixon Landing Road by 15.1 million cubic yards, and delaying its estimated closure from 2025 to 2041, would create the Bay Area’s highest landfill. Residents of Milpitas and other nearby communities say the dump’s odors already are affecting their health and quality of life.

    Khanna, 38, of Fremont, said Wednesday that Milpitas Mayor Jose Esteves – who had endorsed Khanna in the 17th Congressional District showdown that Honda won by 3.6 percentage points – has appointed him “to be a liaison to community groups on this and to work with the city’s lawyers.

    “I am involved in a public strategy to make sure Newby takes actions to mitigate the odors that are affecting residents in Milpitas, Fremont and even Santa Clara,” Khanna said. “Also I am opposed to the expansion permit.”

    Khanna said he’s no longer of counsel to the Silicon Valley powerhouse law firm Wilson Sonsini, but he remains a visiting lecturer at Stanford’s Economics Department and may have an iron in the fire with a tech firm – stay tuned for that.

    Khanna forwarded information about a demonstration the landfill’s opponents intend to stage at 5:30 p.m. Wednesday outside San Jose City Hall, before the city planning commission’s 6:30 p.m. meeting. Activists say they’ve gathered 10,000 petition signatures opposing the expansion permit since November; they want the planning commission to deny the permit and order an odor-mitigation study.

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    Swalwell & Speier named to House Intelligence

    By Josh Richman
    Wednesday, January 14th, 2015 at 1:52 pm in Eric Swalwell, Jackie Speier, Mike Thompson, Nancy Pelosi, U.S. House

    My, hasn’t Rep. Eric Swalwell seemed upwardly mobile recently?

    Swalwell, D-Dublin, on Monday became the only Bay Area House member with the cojones (or hubris?) to announce he’s considering whether to run to succeed U.S. Sen. Barbara Boxer in 2016 – quite a goal for a guy starting only his second term in Congress.

    On Tuesday, Swalwell was the only Californian that Minority Leader Nancy Pelosi, D-San Francisco, named to a new committee charged with shaping House Democrats’ message for the next two years.

    And on Wednesday, Pelosi named Swalwell and Rep. Jackie Speier, D-San Mateo, to the House Intelligence Committee, a plum spot in these troubled times of foreign strife and domestic surveillance.

    “As we face escalating threats to our security, I will work to make sure our government is vigilantly protecting Americans, while being true to our values around privacy and civil liberties,” Swalwell, a former Alameda County prosecutor, said in a news release. “With the rise of data breaches, a top priority of mine will be to increase our cybersecurity capabilities. National security should know no party, and I vow to carry out this work in a collaborative, bipartisan manner.”

    Swalwell in his first term tried to make a name for himself on the Homeland Security Committee, where he took up issues including the Transportation Security Administration’s proposal to allow certain knives aboard planes as well as airport-perimeter safety. On Wednesday, Swalwell noted he was an Capitol Hill intern with Rep. Ellen Tauscher, D-Alamo, on Sept. 11, 2001.

    “That experience led me to a career in public service and generated my interest in national security,” he said. “It’s a privilege to serve on this committee so I can continue to fulfill my highest responsibility as a lawmaker, keeping Americans safe.”

    Speier issued a statement saying she looks forward “to working on one of our nation’s most pressing issues: protecting our economic and national security against terrorist threats abroad, domestic, and over the internet.

    “The heinous attacks in Paris underscore the fact that a handful of home-grown terrorists can wreak havoc on a nation. Cyber threats run the spectrum, from consumer information stolen to intellectual property and proprietary emails hacked from corporations. We must take this 21st century threat more seriously to protect our nation’s most sensitive information, in the public and private sectors alike,” she said.

    But “from the torture report to broad NSA surveillance, it is clear that increased Congressional oversight is needed,” Speier added. “I look forward to working with my colleague to ensure our rights and values are not compromised in the name of security.”

    Rep. Mike Thompson, D-Napa, had been the Bay Area’s only presence on the Intelligence Committee in the last Congress, but a spokesman said Wednesday that Thompson won’t be on the panel in this new Congress.

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    House votes to delay Dodd-Frank ‘Volcker Rule’

    By Josh Richman
    Wednesday, January 14th, 2015 at 11:14 am in Kevin McCarthy, Nancy Pelosi, U.S. House

    The House voted 271-154 Wednesday for a bill to delay a controversial part of the 2010 Dodd-Frank Wall Street reform law enacted in the wake of the financial meltdown that brought on the Great Recession.

    From The Hill:

    The bill, which the White House is threatening to veto, would delay implementation of Dodd-Frank’s “Volcker rule” until 2019, rather than 2017 as originally planned.

    The Volcker Rule, named after former Federal Reserve Chairman Paul Volcker, requires big banks to sell-off financial investments known as collateralized loan obligations (CLOs).

    Supporters of H.R. 37, the Promoting Job Creation and Reducing Small Business Burdens Act, say CLOs are an important way for businesses to get financing.

    “Excess regulations hurt jobs and put added costs on our economy. The number of regulations that have piled up over the past six years are compounding and holding back Main Street businesses,” said House Majority Leader Kevin McCarthy, R-Bakersfield.

    McCarthy thanked Rep. Mike Fitzpatrick, R-PA, for carrying a bill that will “reduce red tape and makes it easier for small businesses to access the capital they need to grow and create good-paying jobs.”

    “These provisions have enjoyed overwhelming bipartisan support in the past, so I am disappointed that a fracture in the Democratic Caucus is causing so many Democrats to switch their votes in a zealous defense of Dodd-Frank regulations,” McCarthy added.

    But the bill’s opponents, including the entire Bay Area delegation, say the Volcker Rule keeps large banks from risky gambling with taxpayer-backed funds.

    “The American people expect – and deserve – a government that works for them,” said House Minority Leader Nancy Pelosi, D-San Francisco, yet Republicans so far haven’t offered any bills to advance the middle class’ interests. “Instead, day after day, Republicans have rushed through giveaways to big banks and to their special interest friends.”

    The Volcker Rule “protects Americans against the risky practices of some on Wall Street that just a few years ago brought our country to the brink of economic collapse,” Pelosi said. “Enough is enough: the interests of big banks should not trump those of American families that still struggle to make ends meet.”

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