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Vargas backs bill that would allow big bank bailouts

In short time in Congress, he has received $14,500 from 4 major banks

The 2010 Dodd-Frank bill requires banks to spin off their derivatives activity into non-bank subsidiaries that can't rush to the government for a bailout if their gambling backfires, according to MapLight, a watchdog group that follows the money that special interests pour into the pockets of legislators. But H.R. 992, a bill in the hopper, would allow banks to get public funding for speculative derivatives activity, notes MapLight.

"A vote for H.R. 992 is a vote to expressly allow bailouts of our largest banks on Wall Street," says Americans for Financial Reform, a watchdog group focused on financial industry corruption. But H.R. 992 was approved by the House Agriculture Committee last month. Voting for the bill was Rep. Juan Vargas, Democrat of San Diego County, who was elected to the House last November and named to the Agriculture Committee in January. According to MapLight, Vargas has already collected $14,500 from the four biggest commercial banks (Bank of America, Goldman Sachs, JPMorgan Chase, and Citigroup), which among them have a whopping $208 trillion in notional value of derivatives contracts.

Since 2009, those four banks have given $313,000 to members of the House Agriculture Committee. Those who voted in favor of H.R. 992 got an average of $9,120, while those voting against got an average of $1,179, according to MapLight.

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The 2010 Dodd-Frank bill requires banks to spin off their derivatives activity into non-bank subsidiaries that can't rush to the government for a bailout if their gambling backfires, according to MapLight, a watchdog group that follows the money that special interests pour into the pockets of legislators. But H.R. 992, a bill in the hopper, would allow banks to get public funding for speculative derivatives activity, notes MapLight.

"A vote for H.R. 992 is a vote to expressly allow bailouts of our largest banks on Wall Street," says Americans for Financial Reform, a watchdog group focused on financial industry corruption. But H.R. 992 was approved by the House Agriculture Committee last month. Voting for the bill was Rep. Juan Vargas, Democrat of San Diego County, who was elected to the House last November and named to the Agriculture Committee in January. According to MapLight, Vargas has already collected $14,500 from the four biggest commercial banks (Bank of America, Goldman Sachs, JPMorgan Chase, and Citigroup), which among them have a whopping $208 trillion in notional value of derivatives contracts.

Since 2009, those four banks have given $313,000 to members of the House Agriculture Committee. Those who voted in favor of H.R. 992 got an average of $9,120, while those voting against got an average of $1,179, according to MapLight.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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