{"id":22567,"date":"2014-12-11T07:14:13","date_gmt":"2014-12-11T06:14:13","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=22567"},"modified":"2014-12-11T07:14:13","modified_gmt":"2014-12-11T06:14:13","slug":"derivatives-insured-by-us-taxpayers","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/derivatives-insured-by-us-taxpayers\/","title":{"rendered":"Derivatives Insured by US Taxpayers?"},"content":{"rendered":"

Sen. Elizabeth Warren on Wednesday sought to rally opposition to the $1.1 trillion government funding bill, spearheading a revolt on the left that has put her influence in the Democratic Party to the test.<\/p>\n

The Massachusetts Senator pleaded for House Democrats to withhold support for a government funding package due to a provision she said would change the Dodd-Frank financial reform law to let \u201cWall Street gamble with taxpayer money.”
\nHer call gave voice to opposition among liberals to provisions tucked in the \u201ccromnibus\u201d deal that they argue would let big banks engage in the same risky trading that toppled the economy in 2008.<\/p>\n

With House Republican leaders acknowledging they\u2019ll need Democratic support to get the legislation through, unified opposition from liberals could prove fatal. A vote on the House floor is set for Thursday.<\/p>\n

Warren dodged when asked how far she\u2019d go to stop the bill if it reached the Senate with the Dodd-Frank provisions intact, stressing that the House must act first.<\/p>\n

\u201cWe\u2019re trying to get it out of the House omnibus bill right now,\u201d she said. \u201cThat is where all the pressure is.\u201d<\/p>\n

Opposition to the funding deal began to surface early Wednesday morning as lawmakers began sorting through the surprise provisions tucked in the more than 1,600-page funding package.<\/p>\n

While several controversial policy riders were quickly discovered, it was the change to Dodd-Frank that generated the loudest outcry.<\/p>\n

The provision would no longer require that big banks separate trades in financial derivatives from traditional bank accounts, which are backed by the government through the Federal Deposit Insurance Corporation (FDIC). The derivatives played a key role in the financial collapse.<\/p>\n

\"Derivatives\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sen. Elizabeth Warren on Wednesday sought to rally opposition to the $1.1 trillion government funding bill, spearheading a revolt on the left that has put her influence in the Democratic Party to the test. The Massachusetts Senator pleaded for House … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[22,13],"tags":[],"class_list":["post-22567","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t