Tucson Progressive

Pamela Powers Hannley, a progressive voice for Arizona

Sinema too Republican? Votes to Reduce Banking Regulations

Rep. Kyrsten Sinema

Rep. Kyrsten Sinema

Citigroup knows how to schmooze Congress– and how to write legislation, apparently.

Ever since the Dodd-Frank Wall Street Reform and Consumer Protection Act reinstated some regulations on Wall Street gamblers in 2010, the banksters have been trying to reduce or eliminate those regulations.

The newest chapter in this banking regulation saga finds Citigroup writing the latest round of financial regulations and wining and dining Congressional representatives– including Arizona Blue Dog Democrat Rep. Kyrsten Sinema– to make the legislation happen. In Sinema’s case, it worked. As a member of the Financial Services Committee, she voted with Republicans to allow the Citigroup Protection Act… er… relaxed banking regulations to move out of committee.

I have been in Arizona long enough to have seen Sinema rise through the ranks of the Arizona Legislature and move to the US Congress. When she was in the State Senate, I enjoyed watching her Facebook posts cracking on Arizona Teapublicans and the video speeches where she openly challenged recalled Senate President Russell Pearce. Although I backed her for Congress because of her strong stance on women’s issues, I’m seriously disgusted with her overall performance in Congress.

For months, Maricopa County members of Progressive Democrats of America (PDA) have been urging Sinema to support the Financial Speculation Tax (AKA the Robin Hood Tax), which would charge a tiny fee on every Wall Street trade– generating billions of dollars, while reducing risky, computerized micro-trades.

Not only has Sinema not supporting the Robin Hood Tax, her recent vote exempts many Wall Street trades from any regulation. This is the wrong direction for the American people. How many Wall Street bankers live in CD9? How many people who would benefit from the revenue generated by the Robin Hood Tax live in CD9? It’s time for Sinema to do the math. Voting with Wall Street is a vote against her constituents in Arizona.

If you live in CD9, it’s time to call Sinema and tell her you thought you were voting for that fiery State Senator– not the banksters’ handmaiden.

For more details, check out these stories…

Banks’ Lobbyists Help in Drafting Financial Bills

Big Bank Lobbyists Help Write Bank Regulation Bills for Congress

Why the World Needs Robin

[A bit of regulation/deregulation history… You’ll remember that after risk-taking capitalists plunged the country into the Great Depression, President Franklin Roosevelt signed the Glass-Steagall Act of 1932 in attempt to reign in dangerous Wall Street behavior. Except for President Ronald Reagan’s disastrous financial deregulation which led to the savings and loan crash in the 1980s, the economy was chugging along for decades under Glass-Steagall. So good, in fact, that President Bill Clinton decided the country no longer needed it. Oops, bad idea. As we all know, allowing the banksters to run wild led to 2008 worldwide financial collapse. Although the American people called for the reinstatement of Glass-Steagall, all the Congress could muster in 2010 was Dodd-Frank, which doesn’t go far enough.]

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The Tucson Progressive: Pamela Powers Hannley

I stand on the side of Love. I believe in kindness to all creatures on Earth and the inherent self-worth of all individuals--not just people who agree with me or look like me.

Widespread economic and social injustice prompted me to become a candidate for the Arizona House, representing Legislative District 9 in the 2016 election. My platform focuses on economic reforms to grow Arizona's economy, establish a state-based public bank, fix our infrastructure, fully fund public education, growlocal small businesses and community banks, and put people back to work at good-paying jobs. I also stand for equal rights, choice, and paycheck fairness for women. I am running as a progressive and running clean.

My day job is managing editor for the American Journal of Medicine, an academic medicine journal with a worldwide circulation. In addition, my husband and I co-direct Arizonans for a New Economy, Arizona's public banking initiative. I am a member of the national board of the Public Banking Institute, and I am co-chair of the Arizona Democratic Progressive Caucus, the largest caucus of the Arizona Democratic Party.

I am a published author, photographer, videographer, clay artist, mother, nana, and wife. I have a bachelor's degree in journalism from Ohio State University and a masters in public health from the University of Arizona. I grew up in Amherst, Ohio, but I have lived in Tucson, Arizona since 1981. I am a proud member of the Unitarian Universalist Church of Tucson and the Public Relations Society of America.

My Tucson Progressive blog and Facebook page feature large doses of liberal ideas, local, state, and national politics, and random bits of humor. I also blog at Blog for Arizona and the Huffington Post.

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