ALJAZEERA: The Senate will likely soon approve a $1.1 trillion spending bill, following Thursday’s House vote. But don’t expect the omnibus package to get through without a fight. Some progressives in the Senate, led by Elizabeth Warren, D-Mass., are livid at a part of the bill that they say would encourage Wall Street to engage in risky behavior.
That clause would repeal part of the 2010 Dodd-Frank financial reform package dealing with complex derivatives. Warren denounced the provision in a speech on the Senate floor on Thursday, saying it “was slipped in at the last minute to benefit Wall Street.”
“It was written by lobbyists for Citigroup,” Warren said. “That provision means big money for a few big banks. It would let derivatives traders on Wall Street gamble with taxpayer money — and, when it all blows up, require the government to bail them out.”… (more)
EDITOR: Better to shut down the government than to gut Dodd-Frank. The former an be up and running within days; the latter took years to get passed and may need come again.
