Outrage in the United States There has been outrage in the United States at the prospect of Congress repealing some parts of a law designed to stop another massive multi-billion-dollar government bailout of the banks. A $US1.1 trillion budget bill had been agreed to by negotiators for both parties, but then some Democrats found that in exchange for more money for enforcement, one of the provisions was to roll back part of what is called the Dodd-Frank Wall Street Reform and Consumer Protection Act. It would allow banks to again use money for derivatives trading and other exotic and risky trades under the protection of federal government insurance. The provision was slipped into the budget, which is designed to keep the US government funded until the middle of next year. Financial reform groups have called it astonishing, appalling and without a sane motivation. ABC North America Correspondent Michael Vincent abc.net.au/news/2014-12-12/us-congress-accused-of-moving-to-repeal-law-for-benefit-of-banks/5963278
Posted on: Sat, 13 Dec 2014 07:46:13 +0000
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