Deal Reached To Avert Shutdown (repeals Dodd-Frank provision) [View all]

[ProSense]

Deal Reached To Avert Shutdown

In a rare Saturday session Congress finally did it.

The Senate passed the $1.1 trillion government funding bill (a.k.a. the CRomnibus) late Saturday night in a vote of 56-40.


The bill now heads to President Barack Obama's desk where he's expected to sign it.

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But earlier in the week Democrats also had their own resistance to the bill as Sen. Elizabeth Warren (D-MA) made a serious push to remove a provision rolling back aspects of Dodd-Frank. That effort failed.

- more-

http://talkingpointsmemo.com/livewire/senate-saturday-session-omnibus-bill

‘Enough is enough’: Elizabeth Warren’s launches fiery attack after Congress weakens Wall Street regs

Mr. President, I’m back on the floor to talk about a dangerous provision that was slipped into a must-pass spending bill at the last minute to benefit Wall Street. This provision would repeal a rule called, and I’m quoting the title of the rule, “PROHIBITION AGAINST FEDERAL GOVERNMENT BAILOUTS OF SWAPS ENTITIES.”

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Mr. President, I’m back on the floor to talk about a dangerous provision that was slipped into a must-pass spending bill at the last minute to benefit Wall Street. This provision would repeal a rule called, and I’m quoting the title of the rule, “PROHIBITION AGAINST FEDERAL GOVERNMENT BAILOUTS OF SWAPS ENTITIES.”

On Wednesday, I came to the floor to talk to Democrats, asking them to strip this provision out of the omnibus bill and protect taxpayers.

On Thursday, I came to the floor to talk to Republicans. Republicans say they don’t like bailouts either. So I asked them to vote the way they talk. If they don’t like bailouts, then they could take out this provision that puts taxpayers right back on the hook for bailing out big banks.

- more -

http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/12/enough-is-enough-elizabeth-warrens-fiery-attack-comes-after-congress-weakens-wall-street-regulations/

A few questions:

1) "Slipped" into the bill?

2) How many people knew that the bailout prohibition was part of Dodd-Frank? (Also, it's good to see people acknowledging that the law has merit.)

3) Why didn't Democrats (who voted against the current bill and most claim to oppose the repeal) do more to strengthen the law before this?

4) What now (especially with Repubicans taking full control of Congress)?