My recent blog on the CHOICE Act talked about what’s broken in Washington, DC. Here’s a little more detail on the political wrangling that went on behind the scenes when the CHOICE Act went before the House Financial Services Committee for markup. (CHOICE)
The Democrats decision to offer no alternatives or amendments to the proposals in the ACT, although unusual, is being seen by some policy analysts as a smart political move. In doing so, they “spared” members of the House from having to make some difficult decisions on what is offered in the Act. I thought that was the job of our elected officials.
Anyone can make the easy decisions; it’s the tough ones that count. Somebody has to step up and do what’s right. It also allowed them to play their cards very close to the vest, not tipping their hand on other compromises they may want to offer somewhere down the line.
It seems that many lawmakers are uncomfortable having to make a tough decision on an amendment to the ACT dealing with the cap on debt interchange fees currently in Dodd-Frank. Such a vote might put them at odds with their constituencies in retail and banking. Better to avoid the vote so they don’t upset either party than analyze what’s right and make the vote, or offer some positive alternatives. Forget what’s best for the consumer; don’t upset the special interests.
Don’t get me wrong. I’m not pushing the Bill either way. I personally believe it has some good things, as outlined in MBA’s letter to Congress of September 12, 20116. (Letter)
These issues should be seriously considered and debated. It is irresponsible to dismiss them outright in total, without any serious discussion.
So, it’s business as usual in Washington, DC. Stand on the status quo. Don’t do anything controversial that might upset the special interest groups or the lobbyists. If you never make a decision, you can never be wrong. Is that what’s best for the people, the industry, and the nation. I doubt it.
Get involved. Make your voice heard on the CHOICE Act. Hold your elected officials accountable for their actions and non-actions.