VOL. 4 NO. 83 POLITItuesday, June 15, 2010 CO www.politico.com Waxman Election Saps Energy’s Motion Puts Big By Da r r e n Sam u e l s o h n prospect that Obama will enter where the votes are for the vari- the fray, it’s very much a fray — ous proposals floating around the President Barack Obama will with Democrats divided, Republi- Senate. Oil on Trial use the first prime-time Oval cans wary and everyone watching At a dinner hosted by the League Office speech of his presidency the days tick away to November’s of Conservation Voters last week, By Jo n a t h a n Al l e n Tuesday to push for comprehen- elections. Sen. John Kerry (D-Mass.) insist- a n d Ja k e Sh e r ma n sive climate change legislation. Senate Majority Leader Harry ed that Reid should start the floor If only saying it would make it Reid (D-Nev.) has scheduled floor debate even without the requisite Henry Waxman’s war on Big so. time next month for “compre- 60 votes in hand, copycatting Oil has begun. AP While advocates of a cap-and- hensive clean energy” legislation The California Democrat, along President Barack Obama trade plan are thrilled by the — even though he doesn’t know See energy on Page 26 with Rep. Ed Markey (D-Mass.), will force top oil executives to defend or condemn industry prac- tices and profits, according to Big Banks series of pre-hearing questions obtained by POLITICO, foreshad- owing an intense, made-for-TV Leave Fee hearing Tuesday that could cre- ate an iconic Washington moment Parties Fret Over Shaky Starts for the petroleum industry. Fight to “What is the maximum worst- case spill scenario [your company] is prepared to respond to from off- Little Guys shore oil operations in the Gulf of Mexico? Please outline the By Be n Wh i t e

See BP on Page 23 Megabanks like JPMorgan- Chase, Citigroup and Bank of America stand to lose billions of Reforming Wall Street A POLITICO VIDEO SERIES dollars if new debit card “swipe fee” limits go into place as part of Wall Street reform. But you wouldn’t know it from Bachus their public posture. They’ve bare- ly uttered a word of opposition — Hits Brakes even as they mount a furious cam- paign to strip the language out of the bill behind the scenes. On Reform That’s because even big bank By Mi k e Al l e n executives know they’re about as popular as a root canal these Rep. Spencer Bachus (R-Ala.), days, and the last thing they need grandson of an engineer on the is to look like they’re fighting a old Southern Railway, has an of- plan that could translate into sav- fice lined with model trains, ar- ings for consumers. ranged neatly on shelves that Their solution? Leave the lobby- stretch to the ceiling. ing on the issue to the equivalent Now, as the top Republican of mom and pop operations — on the House Financial Services community banks, credit unions Committee, Bachus (pronounced AP photos and even some state treasurers. BACK-us) is chasing a speeding The campaigns of Senate nominees Sharron Angle and Joe Sestak have put their respective parties on edge. “The fact is credit unions and train. The political environment smaller banks are just more effec- makes passage of a Wall Street re- Angle seeks insider help Radio silence from Sestak tive spokesmen on this issue right form bill look all but assured, and now,” one executive at a large Democratic leaders are trying for outsider campaign worries local Pa. officials bank said. to hustle it to President Barack By Ma n u Raj u By Sh i r a To e p l i t z Credit unions and community Obama’s desk by the July 4 break. banking groups have been can- “I think that the majority wants Sharron Angle is coming to Washington Four weeks after claiming the Pennsyl- vassing Capitol Hill as the finan- to go out and say: ‘OK, we passed for two days of meetings designed to reas- vania Senate nomination, Rep. Joe Sestak cial reform conference prepares this bill, and we’ve addressed fi- sure worried Republican leaders that she continues to have an awkward relationship to resume Tuesday, sending let- nancial reform,’” Bachus said in will not let Senate Majority Leader Harry with many leaders of the state’s Democratic ters, issuing press releases and an interview for POLITICO’s video Reid define her as an eccentric right-wing establishment — with the two-term con- getting face time with key confer- series “Reforming Wall Street.” extremist before her campaign against Reid gressman so far neglecting to check many ence committee members, many even gets off the ground. of the boxes that ordinarily would be rou- of whom won’t even talk to the big See bachus on Page 22 Since Angle’s victory in last Tuesday’s tine for a candidate trying to unify his party banks or their lobbyists anymore. primary, Republicans in Nevada and Wash- after a hard-fought primary. But opponents of the lobbying More Online ington have become increasingly concerned It’s been nearly a month since the May 18 effort are crying foul, charging Watch the full interview with Rep. that the former assemblywoman has not primary, and key local party leaders have not that big banks are manipulating Spencer Bachus (R-Ala.) at www. responded aggressively enough to attacks been in close contact with Sestak. His un- credit unions and small banks that politico.com. On Wednesday: Sen. Blanche Lincoln (D-Ark.). See angle on Page 19 See sestak on Page 20 See reg reform on Page 25 inside HEALTH Care POLITICS OPINION Michelle CLICK Obama Some see Mass. on right track on Is the party over in California Though likened to FDR, Obama reuters FLOTUS salutes military heroes; a reform; others foresee derailment. thanks to Proposition 14? lacks FDR’s fire, scholar says. slick solution; pundit prose. Page 11 Page 15 Page 29 Page 37