Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Attention elsewhere, Wall Street Lobbyists are writing the bills to weaken post-crash legislation
With Attention Elsewhere, Wall Street Lobbyists Push to Weaken Post-Crash Regulations
12/5/2014
With few Americans paying attention, financial interests trying to undo restrictions on risky trading that played large part in 2008 financial collapse
... Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves.
One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.
In a sign of Wall Street’s resurgent influence in Washington, Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.)
With Republicans in control of the House and many Democrats with ties to the financial services industry already backing the bill, the possibility of inclusion and passage of the measure looks strong. Less clear is what will happen if the budget extension bill arrives in the Senate with these deregulation mechanisms attached.
http://www.commondreams.org/news/2014/12/05/attention-elsewhere-wall-street-lobbyists-push-weaken-post-crash-regulations
12/5/2014
With few Americans paying attention, financial interests trying to undo restrictions on risky trading that played large part in 2008 financial collapse
... Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves.
One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.
In a sign of Wall Street’s resurgent influence in Washington, Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.)
With Republicans in control of the House and many Democrats with ties to the financial services industry already backing the bill, the possibility of inclusion and passage of the measure looks strong. Less clear is what will happen if the budget extension bill arrives in the Senate with these deregulation mechanisms attached.
http://www.commondreams.org/news/2014/12/05/attention-elsewhere-wall-street-lobbyists-push-weaken-post-crash-regulations
15 replies
= new reply since forum marked as read
= new reply since forum marked as read
