Thirteen months ago, Business Insider's Josh Barro criticized liberals for defending former President Obama's decision to accept a $400,000 speaking fee from investment bank Cantor Fitzgerald. Evidently, it was even worse, given that we soon afterward learned that the 44th President had already been paid $800,000 for having delivered speeches to two other Wall Street firms.
Still, Barack Obama is no longer in public office and since Hillary Clinton, running for a third Obama term, was defeated in a stunning upset, Democratic losses in backlash to his presidency are diminishing. Consequently, as Barro noted
The concern is not that Obama receiving such a fee will influence Obama's future policy decisions about Wall Street (he won't make any) but that if he goes around collecting such fees, he will make voters more wary of the intentions of future center-left politicians who run in his mold, as happened with Blair. Bernie Sanders' strong appeal in the 2016 primaries, which wasn't limited to far-left voters, shows that many voters are concerned about such matters.
Evidently not enough voters, or at least not enough voters for Democratic members of Congress to stand firm against Wall Street donors. Barro's employer reported Tuesday
The House finalized on Tuesday the largest package of Wall Street banking reforms since the financial crisis, rolling back regulations on financial firms, from community banks to credit-reporting agencies.
The legislation — most commonly referred to as the Crapo bill after its author, the Senate banking committee chair Mike Crapo — is the result of more than a year of negotiations among House Republicans, Senate Republicans, and a group of Senate Democrats that support the measure.