Saturday, November 02, 2013

Bipartisan House gives in to Wall Street and passes Dodd-Frank rollback drafted by Citigroup lobbyists

Of course they did and us common folk are screwed again.

A bipartisan majority in the House of Representatives rolled back one of the key elements of the Dodd-Frank financial reform law passed in the wake of the 2008 economic meltdown.

The House voted 292-122 to pass Swaps Regulatory Improvement Act, which repeals a provision in the law that required big banks to move some derivatives trading into separate units that aren’t backed by the government’s insurance fund.

The vote followed months of heavy lobbying by Wall Street banks, and The New York Times reviewed emails that showed Citigroup lobbyists drafted at least 70 of the House bill’s 85 lines.

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