Who is responsible for the CDS Scandal?

by Brian Johnson on April 15, 2009

ScandalHere at Wallet Blog, we have been reporting on the fallout of the CDS scandal by looking not only at the issue as it is affecting us now, but also at who is responsible for allowing unregulated trading of Credit Default Swaps (CDS) to occur in the first place.  We have pointed out that the laws that made Credit Default Swaps illegal, which had been in place for over 90 years, were repealed by congress in its passing of the Commodity Futures Modernization Act in December of 2000.  The repeal of these laws has cost hundreds of billions of dollars in tax payer money, including the $180 billion that taxpayers are paying for the collapse of AIG alone.

Since our reportage, some of our readers have asked us for an explanation as to why there has been no significant mention of congress’s role in the production of the CDS scandal within mainstream media.  Here at Wallet Blog, we too are troubled that the media has, in general, avoided taking lawmakers to task for their votes.  We are equally troubled by the overwhelming number of congressmen and women who voted this bill into law and who are, therefore, responsible for the legislation that is currently devastating the American economy.  In the House of Representatives, the bill passed 291 with only 60 representatives voting no.  In the senate, the bill passed unanimously without a single voice of objection.

Below we have compiled a list of all congressmen and women who voted for the Commodity Futures Modernization Act because they either did not read or did not understand the effects of creating a completely unregulated market of insurance products (i.e. Credit Default Swaps). We have also included their political affiliation, state, and whether or not they are still in office.

From the House of Representatives here are the 291 members that votes ‘yes’:

Last NamePartyStateStill in Office?
AbercrombiedHIyes
AllendMEno
AndrewsdNJyes
ArcherrTXno
ArmeyrTXNo
BacadCAyes
BachusrALyes
BairddWAyes
BaldaccidMEno (governor)
BaldwindWIyes
BarciadNEyes
BarrettrNEno
BarrettrWIyes
BassrNHno
BecerradCAyes
BentsendTXno
BereuterrNBno
BerkleydNVyes
BerrydARyes
BiggertrILyes
BilirakisrFLno
BishopdGAyes
BlagojevichdILno
BlileyrVAno
BoehnerrOHyes
BorskidNJno
BoucherdVAyes
BoyddFLyes
BradydPAyes
BradyrTXyes
BrowndOHyes
BryantrTNno
BurrrNCyes
BuyerrINyes
CamprMIyes
CanadyrFLno
CappsdCAyes
CapuanodMAyes
CardinrMDyes
CarsondINno
CastledDEyes
ChamblissrGAyes
ClaytondNCno
ClementdTNno
ClyburndSCyes
CoblerNCyes
CollinsrGAno
CombestrTXno
ConditdCAno
CookseyrLAno
CostellodILyes
CoynedPNno
CramerdALno
CrowleydNYyes
CubinrWYno
CummingsdMDyes
CunninghamrCAno
DavisdFLno
DavisdILyes
DavisrVAno
DeGettedCOyes
DeLaurodCNyes
DeutschdFLno
Diaz-BalartrFLyes
DickeyrARno
DicksdWAyes
DingelldMIyes
DoggettdTXyes
DoolittlerCAno
DoyledPAyes
DreierrCAyes
DunnrWAno
EdwardsdTXyes
EhlersrMIyes
EhrlichrMDno
EmersonrMOyes
EngeldNYyes
EnglishrPNno
EtheridgedNCno
EvansdILno
EwingrILno
FletcherrKYno
FoleyrFLno
ForddSCno
FossellarNYno
FowlerrFLno
FranksrNJno
FrelinghuysenrNJyes
FrostdTXno
GalleglyrCAyes
GanskerIOno
GekasrIOno
GephardtdMOno
GibbonsrMOno
GilchrestrNVno
GilmanrNYno
GonzalezdTXyes
GoodeiVAno
GoodlingrPAno
GordondTNyes
GossrFLno
GreendTXyes
GreenwoodrPNno
GutknechtrMNno
HalldOHno
HalldTXyes
HastertrILno
HastingsrWAyes
HayesrNCno
HilldINyes
HillearyrTNno
HilliarddALno
HincheydNYyes
HinojosadTXyes
HoeffeldPAno
HoldendPAyes
HooleydORno
HornrCAno
HoyerdMDyes
HulshofrMOno
HunterrCAyes
HutchinsonrARno
HyderILno
IsaksonrGAno
IstookrOKno
JacksondILyes
Jackson-LeedTXyes
JeffersondLAno
JenkinsrTNno
JohndLAno
JohnsonrCTno
Johnson, E. B.dTXyes
JonesdOHno
KanjorskidPAyes
KapturdOHyes
KasichrOHno
KellyrNYno
KennedydRIyes
KildeedMIyes
KilpatrickdMIyes
KingrNYyes
KleczkadWIno
KnollenbergrMIno
KuykendallrCAno
LaHoodrILno
LampsondTXno
LarsondCYyes
LaTouretterOHyes
LaziorNYno
LeachrIAno
LeedCAyes
LevindMIyes
LewisrCAyes
LewisdGAyes
LewisrKYno
LinderrGAyes
LipinskidILyes
LoBiondorNYyes
LoweyrNYyes
LucasdKYno
LucasrOKyes
LutherdMNno
MaloneydCTno
MaloneydNYno
MarkeydMAno
MartinezrCAno
MascaradPAno
MatsuidCAno
McCarthydMOno
McCarthydNYno
McCollumrFLno
McCreryrLAno
McGoverndMAyes
McHughrNYyes
McIntyredNCyes
McNultydNYno
MeehandMAno
MeeksdNYyes
MenendezdNJno
MillerrFLyes
MingedMNno
MinkdHAno
MooredKSyes
MoranrKSyes
MorellarMDno
MurthadPAyes
MyrickrNCyes
NadlerdNYyes
NealdMAyes
NethercuttrWAno
NeyrGAno
NorthuprKNno
NusslerIOno
ObeydWIyes
OlverdMAyes
OwensdNYno
OxleyrOHno
PackardrCAno
PallonedNJyes
PascrelldNYyes
PastordARyes
PaynedNJyes
PeaserINno
PetersondMNyes
PetrirWIyes
PhelpsdILno
PickeringrMSno
PomeroydNDyes
PorterrILno
PrycerOHno
QuinnrNYno
RahalldWVyes
RamstadrMNno
RangeldNYyes
RegularOHno
ReyesdTXno
ReynoldsrNYno
RiversdMIno
RodriguezdTXno
RoemerdINno
RoganrCAno
RothmandNJyes
RoukemarNJno
Roybal-AllarddCAyes
RushdILyes
SabodMNno
SandersiVTno
SawyerdOHno
SaxtonrNJno
SchakowskydILyes
ScottdGAyes
SerranodNYyes
ShawrFLno
ShaysrCTno
ShermandCAyes
SherwoodrNYno
ShimkusrILyes
ShowsdMSno
SimpsonrIDyes
SisiskydVAno
SkeenrNMno
SkeltondMOyes
SlaughterdNYyes
Smith (TX)rTXyes
SpencerSCno
SprattdSCyes
StabenowdMIno
StenholmdTXno
StricklanddOHno
StumprARno
StupakdMIyes
SununurNHno
SweeneyrNYno
TalentrMOno
TannerdTNyes
TauscherdCAyes
TauzinrLAno
TaylordMSyes
TaylorrNCno
ThomasrCAno
ThompsondCAyes
ThompsondMSyes
ThornberryrTXyes
ThunerSDyes (senator)
TiahrtrKSyes
TierneydMAyes
TownsdNYyes
TraficantdOHno
TurnerdTXno
UdalldCOno
UdalldNMno
UptonrMIyes
VelazquezdNYyes
ViscloskydINyes
WamprTNyes
WatkinsrOKno
WattdNCyes
WattsrOKno
WeinerdNYyes
WeldonrPAno
WellerrILno
WexlerdFLyes
WeyganddRIno
WhitfieldrKYyes
WilsonrSCyes
WisedWVno
WolfrVAyes
WoolseydCAno
WudORyes
WynndMDno
YoungrAKyes

…and from the Senate here are the 100 members that voted ‘yes’:

NamePartyStateStill in Office?
Richard ShelbyRepublicanAlabamay
Jeff SessionsRepublicanAlabamay
Ted StevensRepublicanAlaskan
Frank MurkowskiRepublicanAlaskan
John McCainRepublicanArizonay
Jon KylRepublicanArizonay
Tim HutchinsonRepublicanArkansasn
Blanche LincolnDemocratArkansasy
Dianne FeinsteinDemocratCaliforniay
Barbara BoxerDemocratCaliforniay
Ben Nighthorse CampbellRepublicanColoradon
Wayne AllardRepublicanColoradon
Christopher DoddDemocratConnecticuty
Joseph LiebermanDemocratConnecticuty
William RothRepublicanDelawaren
Joe BidenDemocratDelawaren
Bob GrahamDemocratFloridan
Connie MackRepublicanFloridan
Max ClelandDemocratGeorgian
Zell MillerDemocratGeorgian
Daniel InouyeDemocratHawaiiy
Daniel AkakaDemocratHawaiiy
Larry CraigRepublicanIdahon
Mike CrapoRepublicanIdahoy
Richard DurbinDemocratIllinoisy
Peter FitzgeraldRepublicanIllinoisn
Richard LugarRepublicanIndianay
Evan BayhDemocratIndianay
Chuck GrassleyRepublicanIoway
Tom HarkinDemocratIoway
Sam BrownbackRepublicanKansasy
Pat RobertsRepublicanKansasy
Mitch McConnellRepublicanKentuckyy
Jim BunningRepublicanKentuckyy
John BreauxDemocratLouisianan
Mary LandrieuDemocratLouisianay
Olympia SnoweRepublicanMainey
Susan CollinsRepublicanMainey
Paul SarbanesDemocratMarylandn
Barbara MikulskiDemocratMarylandy
Edward KennedyDemocratMassachusettsy
John KerryDemocratMassachusettsy
Carl LevinDemocratMichigany
Spencer AbrahamRepublicanMichigann
Paul WellstoneDemocratMinnesotan
Rod GramsRepublicanMinnesotan
Thad CochranRepublicanMississippiy
Trent LottRepublicanMississippin
Kit BondRepublicanMissouriy
John AshcroftRepublicanMissourin
Max BaucusDemocratMontanay
Conrad BurnsRepublicanMontanan
Bob KerreyDemocratNebraskan
Chuck HagelRepublicanNebraskan
Harry ReidDemocratNevaday
Richard BryanDemocratNevadan
Bob SmithRepublicanNew Hampshiren
Judd GreggRepublicanNew Hampshirey
Frank LautenbergDemocratNew Jerseyy
Robert TorricelliDemocratNew Jerseyn
Pete DomeniciRepublicanNew Mexicon
Jeff BingamanDemocratNew Mexicoy
Daniel Patrick MoynihanDemocratNew Yorkn
Charles SchumerDemocratNew Yorky
Jesse HelmsRepublicanNorth Carolinan
John EdwardsDemocratNorth Carolinan
Kent ConradDemocratNorth Dakotay
Byron DorganDemocratNorth Dakotay
Mike DeWineRepublicanOhion
George VoinovichRepublicanOhioy
Don NicklesRepublicanOklahoman
James InhofeRepublicanOklahomay
Ron WydenDemocratOregony
Gordon SmithRepublicanOregonn
Arlen SpecterRepublicanPennsylvaniay
Rick SantorumRepublicanPennsylvanian
Jack ReedDemocratRhode Islandy
Lincoln ChafeeRepublicanRhode Islandn
Strom ThurmondRepublicanSouth Carolinan
Ernest HollingsDemocratSouth Carolinan
Tom DaschleDemocratSouth Dakotan
Tim JohnsonDemocratSouth Dakotay
Fred ThompsonRepublicanTennesseey
Bill FristRepublicanTennesseen
Phil GrammRepublicanTexasn
Kay Bailey HutchisonRepublicanTexasy
Orrin HatchRepublicanUtahy
Robert BennettRepublicanUtahy
Patrick LeahyDemocratVermonty
James JeffordsRepublicanVermontn
John WarnerRepublicanVirginian
Chuck RobbDemocratVirginian
Slade GortonRepublicanWashingtonn
Patty MurrayDemocratWashingtony
Robert ByrdDemocratWest Virginiay
Jay RockefellerDemocratWest Virginiay
Herbert KohlDemocratWisconsiny
Russ FeingoldDemocratWisconsiny
Craig ThomasRepublicanWyomingn
Michael EnziRepublicanWyomingy

Last but not least here is a list of the 60 congressmen and women who DID NOT VOTE for the Commodity Futures Modernization Act:

Last Name
Aderholt
Barr
Bartlett
Barton
Blunt
Boswell
Burton
Cannon
Chabot
Chenoweth-Hage
Cook
Cox
Crane
Deal
DeFazio
DeLay
DeMint
Duncan
Frank (MA)
Goodlatte
Graham
Granger
Green (WI)
Hayworth
Herger
Hoekstra
Hostettler
Inslee
Johnson, Sam
Jones (NC)
Kind (WI)
Kingston
Kucinich
Manzullo
Metcalf
Paul
Pitts
Pombo
Radanovich
Riley
Rohrabacher
Royce
Ryan (WI)
Ryun (KS)
Salmon
Sanford
Sensenbrenner
Sessions
Smith (MI)
Smith (NJ)
Smith (WA)
Stark
Stearns
Tancredo
Terry
Thurman
Toomey
Vitter
Weldon (FL)
Wicker

Discussion

Cassy Fahey
Took me awhile to down to comments whoo..
December 4 at 10:43 am

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