Congresswoman McCollum Statement on Consolidated and Further Continuing Appropriations Act, 2015

Washington, DC – Congresswoman Betty McCollum (D-MN) released the following statement in advance of the vote on the Consolidated and Further Continuing Appropriations Act, 2015:

“Today, funding for the federal government runs out if we do not pass an appropriations bill or a continuing resolution. I want to vote for a bipartisan appropriations bill that keeps our federal government running because there are a number of things included that I have worked hard to pass. However, I cannot vote for this omnibus bill. Republicans have corrupted the appropriations process by secretly inserting provisions that put Wall Street and billionaires ahead of the middle class.

“Our appropriations process should be about making our federal government work in a way that meets the needs of every American. We spend months debating various bills to determine how best to fund critical programs and services. Republican leadership is ignoring that process by inserting last-minute provisions that give their billionaire political donors a stronger voice in the political process and allow their allies on Wall Street to be bailed out by taxpayers. Billionaires already play an enormous role in our political process. Today, wealthy donors can give political party committees $97,200 per year. The provisions in this bill would raise that number to $777,000 per year. These provisions, which appeared suddenly in the bill overnight, would amplify the voices of a select, wealthy few and allow them to drown out the political influence of middle-class Americans. This is wrong.

“The bill on the floor today would also put middle-class taxpayers back on the hook for abuses by Wall Street banks. In 2010, I helped pass a bill that would help limit abuses in financial institution and protect taxpayers from having to bail out banks. That bill included a provision entitled “Prohibition of Federal Government Bailouts of Swaps Entities.” This provision made sure that federal taxpayers would not bailout banks selling credit swaps – one of the most volatile financial products. Republicans would eliminate that provision, and leave middle-class taxpayers on the hook for bailing out Wall Street again in the future. Then, after gutting language to protect taxpayers from the mistakes of banks, those wealthy bankers would be able to exert greater influence over our nation’s elections and elected leaders. This combination is deeply destructive to our democracy.

“We must pass a bill to keep our government funded. Giving greater influence to wealthy political donors and more lax restrictions to questionable financial practices has nothing to do with keeping our government open. These are policy provisions inserted into this bill in the middle of the night, in the hopes that the urgent need to fund our government might overshadow how harmful they are to our country.

“My job in the House of Representatives is to represent the best interests of the people of Minnesota. Supporting either of these provisions will benefit billionaires and will harm the people I was elected to serve. I will not support this bill as long as they are included.”