The vote was a major test of the Democratic Partys willingness to - TopicsExpress



          

The vote was a major test of the Democratic Partys willingness to fight financial deregulation. In December, Congress passed a $1.1 trillion budget bill that included subsidies for risky derivatives trades, the complex contracts at the heart of the 2008 meltdown. Pelosi, Rep. Maxine Waters (D-Calif.) and Sen. Elizabeth Warren (D-Mass.) had organized resistance to that legislation, only to be narrowly outgunned by personal lobbying late into the night from President Barack Obama and JPMorgan Chase CEO Jamie Dimon. Passing another deregulatory measure on the second day of the new Congress would have been a serious blow to the financial reform wing of the Democratic Party and emboldened GOP efforts to repeal Dodd-Frank.
Posted on: Thu, 08 Jan 2015 12:52:53 +0000

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