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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsElizabeth Warren slams pro-Wall Street bill
Sen. Elizabeth Warren (D-Mass.) said Thursday that she will fight legislation in the Senate that would roll back key parts of the Dodd-Frank financial reform law, just a week after the package made it out of the House Financial Services Committee with support from fellow Democrats.
"Wall Streets aggressive determination paid off last week when the House Financial Services Committee reported out several bills to roll back reforms to the derivatives markets included in the Dodd-Frank Act," Warren said in a statement. I strongly agree with Treasury Secretary Lews opposition to the bills. The Dodd-Frank Act put in place a variety of measures that work together as a system to protect consumers, hold big banks accountable, and reduce the risk of future crises. It is dangerous for Congress to amend the derivatives provisions of the Dodd-Frank Act without at the same time taking accompanying steps to strengthen reform and maintain the laws equilibrium."
The legislation targets derivatives, complex financial contracts that fueled the 2008 financial crisis. Many of Dodd-Frank's rules on derivatives have not yet been implemented by regulators, but a bipartisan cadre of lawmakers in the House has nevertheless pushed to repeal measures designed to reduce risk and increase transparency. .................(more)
The complete piece is at: http://www.huffingtonpost.com/2013/05/16/elizabeth-warren-dodd-frank_n_3287741.html?ncid=txtlnkushpmg00000037
MrSlayer
(22,143 posts)Refuse to let it go to a vote.
JDPriestly
(57,936 posts)The eyes of the public would be opened, first, to what a courageous woman she is and second, to what the banks are trying to pull -- again.
Go for it, Elizabeth Warren.
rhett o rick
(55,981 posts)Buns_of_Fire
(17,201 posts)Lord knows, it's not as if they haven't seen plenty of holds placed by republics over the last several years.
MrSlayer
(22,143 posts)Just keep it from getting to the floor.
ProSense
(116,464 posts)quietly inching toward passage with no outcry or pushback. People have spent so much time mischaracterizing Dodd-Frank and the anti-regulation forces are capitalizing on that.
Senators want exemption to Dodd-Frank swap rules
http://www.democraticunderground.com/10022829434
Logical
(22,457 posts)madfloridian
(88,117 posts)Good for her.
NYC_SKP
(68,644 posts)I'm sincerely sorry for your loss.
fascisthunter
(29,381 posts)problem is, not enough folks speak like I just did... if they did, our government would be mush different. Remember to watch how you speak, now... don't wanna offend anybody. Pathetic.
hootinholler
(26,449 posts)We got your back.
Zorra
(27,670 posts)I wish there were 75 more like her in the Senate.
mick063
(2,424 posts)There will soon come a day when average Americans will know much more about them.
Similar to how we were collectively educated about financial institutions selling mortgage bundles in 2008.
Bad news these derivatives are. Very, very bad news.
The worst thing about them? It is profitable to "bet" on failure. We have a system that gives great reward for investing in funds that require some type of failure. So what do you expect might happen?
Everyone ready to pitch in on another bail out?
It's comin'