Nothing defines members of congress more accurately than how they vote on key issues. Far more often than not, you’ll find Tom Udall’s votes on the “wrong” side of important bills! Reference supporting article links below.
What This Bill Does:
This bill was sponsored by Chris Dodd and Barney Frank of Massachusetts. It was ostensibly created to cure the excesses that created the collapse of the 2008 financial markets. It was supposed to regulate big banks, keep banks from getting too big too fail, and prosecuting those in the financial industry who did wrong things that lost thousands of citizens their money and cost the federal government over a trillion dollars. Chris Dodd was heavily involved in shady money deals with mortgage lending giant Countrywide Credit. Barney Frank was heavily involved in promoting sub-prime loans to sub-prime borrowers by government mortgage giants Fannie Mae and Freddie Mac. These two men helped collapse the financial markets, pushed for bailouts, and were the proverbial foxes in the hen house.
What Vote Aids Middle America: “No”
The banks, insurance companies and stock brokerages should not have been bailed out. The too big to fail banks should have been forced to break up like Ma Bell. Local banks should have been rewarded for their fiscal responsibility. The federal government should have got out of the business of guaranteeing home mortgages. Top execs should have been prosecuted and gone to jail.
What Tom Udall Voted: “Yes”
Tom Udall is a party man. He is not going to buck his party on any vote if he can help it. His vote was a vote for the status quo, a vote to look like he was doing something when he helped create the fiscal collapse by his previous vote to repeal Glass Steagall.