Just one day after Treasury Secretary Jack Lew wrote a letter urging lawmakers to reject a slate of Wall Street deregulation measures, nearly two dozen Democrats joined Republicans to approve the package in the House Financial Services Committee.
The legislation would repeal several sections of the 2010 Dodd-Frank Wall Street reform law targeting derivatives, the complex financial transactions at the heart of the 2008 banking collapse. Similar measures have already cleared the House Agriculture Committee with broad bipartisan backing.
The most controversial bill advanced on Tuesday would expand government backing for derivatives by allowing banks to sell them from their taxpayer-insured divisions. Dodd-Frank requires banks to "push out" many of these operations into units that do not receive deposit insurance from the Federal Deposit Insurance Corporation (FDIC)... --- TYT
5 Comments
Yogisays...Of course the Law Makers would do that, who do you think puts them in office? Money gets people elected and that Money comes from rich Financial Institutions. Take Back our Democracy!
Darkhandsays...*sigh* so but like I said the Government doesn't represent the people anymore. It's just wealthy people patting each other on the back.
Yogisays...When it crashes again, probably quite soon judging by how crazy the Dow is going (within a couple years) it'll be "We're all in this together!" It's retarded, and the activism and anger is right underneath the surface and I don't think it's going to stay put like last time. Occupy rose up and really scared a lot of people, if shit goes down again it's gonna be a greater upheaval and possibly a serious crackdown.
*sigh* so but like I said the Government doesn't represent the people anymore. It's just wealthy people patting each other on the back.
siftbotsays...Moving this video to radx's personal queue. It failed to receive enough votes to get sifted up to the front page within 2 days.
charliemsays...So long as they have no opposition....they will continue to do this shit.
Let them get away with it, and they will.
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