Sweetheart Deals for U.S. Senators?

By Andrew Kenneally

This week, Congressional Quarterly reported that the U.S. Senate’s Ethics Committee added an amendment to housing legislation (HR 3221) that would require senators to disclose the creditor, amount, interest rate and term of any mortgage they have.

The amendment is the result of news that Connecticut Sen. Chris Dodd and North Dakota Sen. Kent Conrad received sweetheart deals from Countrywide Financial Corporation. According to the New York Times, both Senators were assigned to the corporation’s “V.I.P. program” and given interest rates far lower than what the public was offered. Dodd said he and his wife “assumed” that “it was more of a courtesy thing.” Courtesy for what….. for being a U.S. Senator? I am sure it didn’t hurt that you were on the Senate Banking Committee either, which directly impacts their business.

When our elected officials start receiving kickbacks and sweetheart deals, they forfeit the ability to be objective guardians of the public trust for which they were entrusted. What does that mean in layman’s terms? If you take a gift from someone, they are going to expect something in return. Countrywide Financial Corp. knew it and so did Dodd - that’s politics. The old adage, “you wash my back, I wash yours,” comes to mind. However, scandals like these solidify the public’s view that decisions impacting their lives are done in smokey back rooms where politicians and special interests cut deals for themselves.

Congress, like so many corporations, must open their doors to greater transparency. It builds trust, prevents such scandals from happening in the first place, and incentivizes more people to participate in our great democracy.

Also posted on www.rpgworld2blog.com