Will Montana’s Rep. Steve Daines Vote to Weaken Dodd-Frank?
The U.S. House of Representatives is expected to take an upteenth attempt at damaging U.S. economic stability and growth tomorrow with a number of bills coming to floor vote, six of which would once again embrace derivatives as a legitimate stable investment for our financial institutions.
Taxpayers beware. There is nothing prohibiting bailouts.
Passing out of House financial services on Tuesday and coming to a vote tomorrow is the Full Faith and Credit Act coming to a vote will prioritize U.S. debt and interest over the priority of running the government. Things like keeping the lights on, paying soldiers, social security & disability payments. You can see how willing to negotiate the House GOP Republicans are going to be for the upcoming debt ceiling discussion, estimated to come to Washington DC sometimes during that oh-so-pleasant month of August.
Six other bills which also passed out of financial services yesterday will weaken derivatives regulations within Dodd-Frank.
Addendum: Democracy Now reports that only six members of the House financial services committee voted NO to weakening the already
weak Dodd-Frank derivative regulations.
This’ll infuriate people who thought Dodd-Frank was weak to begin with. Pretty sure that both Lizard and JC fall into that category. I know I’m there.
HR992, the Swaps (meaning derivatives) Regulatory Improvement Act, will allow FDIC insured and uninsured foreign banking entities supervised by the Federal Reserve to utilize derivatives.
That’s right – one of the base elementary causes of the 2007 economic crash is being welcomed back for taxpayer insured FDIC banks.
As a bonus, the bill continues the bailout prohibition exemption for these banks. Which means in plainer language that FDIC insured banks can continue to be bailed out. Ahhh, the pleasures of Dodd-Frank.
I’ve seen or heard plenty saying that the Full Faith and Credit act isn’t likely to pass filibuster – but I’ve yet to see or hear the same for the nasty derivative porn. I say it’s amazing but it really isn’t anymore – the crap these electeds get away with. Because truth be told, it rests on us who keep elected these fools. But here we are, an already weak bill being weakened again. Embracing derivatives? Geezus.
What will Daines do? I’ll be calling his D.C. office first thing tomorrow morning (202-225-3211) to let his staff know where I stand – and that I’ll be watching.