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Repugnants slip repeal of Dodd Frank provision into funding bill....
http://dealbook.nytimes.com/2014/12/09/wall-street-seeks-to-tuck-dodd-frank-changes-in-budget-bill/?_r=0After four years of twisting arms in Congress, Wall Street may have finally found the opportune moment to reshape financial regulation.
A flurry of legislative deal-making surrounding the federal budget has opened a window of opportunity for bank lobbyists to challenge the Dodd-Frank Act, the sweeping regulatory overhaul passed in response to the financial crisis. With the clock ticking on a budget bill lawmakers have vowed not to shut down the government, but need to act by Thursday night banks are seeking to tuck their proposals into the giant federal spending package.
Whether they succeed remains an open question. As of Tuesday afternoon, some Democrats and consumer groups retained hope that they could fend off the Wall Street effort.
The fight has centered on elements of Dodd-Frank that address the culprits of the financial crisis, including the sort of derivatives trading that helped push the insurance giant American International Group to the brink of collapse in 2008. One bill would amend the so-called Volcker Rule, a centerpiece of Dodd-Frank. Another bill that lawmakers plan to include in the government funding plan was essentially written by lobbyists for Citigroup.
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[font size="4"] This really requires everybody call email your Congressman (well, if they're Democrats) to try to get this stopped. [/font]
Elizabeth Warren urges Democrats to not vote for Funding bill with provisions to repeal part of Dodd-Frank
The last-minute inclusion, hammered out by party negotiators, is outraging several Democrats who have spent years fighting back against GOP efforts to reduce the impact of the 2010 law.
The titular sponsor of the law, retired Rep. Barney Frank (D-Mass.), is calling on his former colleagues to defeat the funding bill because of the stealth attack on his namesake legislative achievement.
House Minority Leader Nancy Pelosi (D-Calif.) said Democrats are deeply troubled by several provisions included in the roughly 1,600-page bill posted Tuesday evening and highlighted language stepping back tougher rules on financial derivatives.
This provision, allowing big banks to gamble with money insured by the FDIC [Federal Deposit Insurance Corp.], opens the door to another taxpayer-funded bailout of big banks forcing middle class families to bear the burden of Wall Streets mistakes, she said in a statement.
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Repugnants slip repeal of Dodd Frank provision into funding bill.... (Original Post)
Bill USA
Dec 2014
OP
I'd rather call and email Congressmen to fight it and urge others to do the same. Rather fight than
Bill USA
Dec 2014
#2
I've been emailing-calling my Congress-people for years now. Know their office numbers. did you call
Bill USA
Dec 2014
#5
JeffHead
(1,186 posts)1. Get used to it.
They are gonna "slip" shit like this into EVERYTHING they pass for the next 2 fucking years. This is only the beginning.
Bill USA
(6,436 posts)2. I'd rather call and email Congressmen to fight it and urge others to do the same. Rather fight than
submit dociley (sp?).
Bill USA
(6,436 posts)5. I've been emailing-calling my Congress-people for years now. Know their office numbers. did you call
or email?..about the Wall Street gambling funding bill?
I also have been urging people for years to call/email their Congressmen and trying to tell people they CAN make a difference. Apathy may be comforting but it only allows the GOP to do more to sabotage our Democracy.
genwah
(574 posts)7. Called local House, e-mailed Nancy in her Leadership role. Now it's the Senate's turn.
russ1943
(618 posts)3. Who did it?
Does anyone know specifically which congressperson inserted this poison pill into the budget? Or which congressperson's staff?
Bill USA
(6,436 posts)6. 57 House Democrats who voted for the spending bill