And so it goes: Pelosi said she was enormously disappointed that the White House had given the omnibus bill its blessing. In a scathing speech on the House floor, she said she would not vote for the bill, focusing her criticism on the language that would weaken Dodd-Frank. This is ransom, this is blackmail, Pelosi said. We dont get a bill unless Wall Street gets its taxpayer-funded coverage. The controversial provision lets taxpayer-insured banks conduct the sort of derivatives trading that Dodd-Frank barred them from engaging in after the 2008 financial meltdown. Compliance has repeatedly been delayed, however, and was not set to kick in until next summer. The other provision that sparked Democrats ire was a change to campaign finance rules that lets wealthy donors dramatically boost contributions to party committees. To Democrats, it looked like the GOP had crafted a bill to let Wall Streeters rake in more cash with risky, taxpayer-backed trading, while at the same time clearing them to donate more money to their GOP benefactors. This is exquisitely reckless — a special provision for Wall Street in exchange for money from Wall Street, Rep. Peter Welch (D-Vt.) told HuffPost.
Posted on: Fri, 12 Dec 2014 04:01:02 +0000
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