December 11, 2014

Warren is whipping the Democrats to reject the budget bill over the bailout provision. Good for her! It's inspiring to see someone who won't back down for Wall Street. Via Raw Story:

Sen. Elizabeth Warren (D-MA) accused Republicans on Wednesday of taking direction from the banking industry in adding a last-minute provision to a $1.1 trillion government funding bill.

“This was a provision added by CitiGroup lobbyists,” Warren told MSNBC host Rachel Maddow. “I mean, they literally wrote it. They took it back, re-edited it and made sure it said exactly what they wanted it to say.”

The provision, which Warren said was added by surprise, would eliminate a requirement under the Dodd-Frank financial reform law that banks trade financial derivatives separately from regular bank accounts, which are protected through the Federal Deposit Insurance Corporation (FDIC).

The Hill reported that a House vote on the revised plan, which has been called the “cromnibus” bill, is scheduled for Thursday. But Warren and other Democrats have argued that this change would create the same kind of environment that led to the financial recession of 2008.

“The biggest financial institutions in this country can make more money if this little provision gets stripped out of Dodd-Frank,” Warren said.

Maddow told Warren that she was surprised that the Tea Party caucus over the revision, given their prior statements regarding the bank bailouts that were put into effect to contain the damage done by unfettered trading.

Can you help us out?

For 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

Discussion

New Commenting System

Our comments are now powered by Insticator. In order to comment you will need to create an Insticator account. The process is quick and simple. When registering you will also be presented with the option to tie all your old Disqus comments to your new Insticator account. Please note that the ability to comment with a C&L site account is no longer available.

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.