Warren: Dodd-Frank isn’t perfect; it should have broken you into pieces

by MPA17 Dec 2014
In a speech to the United States Senate, U.S. Sen. Elizabeth Warren (D-Mass.) heavily lambasted the controversial spending bill that was passed by the House last week. In particular, Warren objected to a provision in the bill which rolled back part of the Dodd-Frank Act. The provision would allow FDIC-insured banks to conduct risky derivatives trading that Dodd-Frank had barred in the wake of the financial meltdown.

In her speech, she called out both Democratic and Republican parties, but saved most of her criticism for Wall Street Giant Citibank.

"In recent years, many Wall Street institutions have exerted extraordinary influence in Washington’s corridors of power. Citigroup has risen above the others. Its grip over economic policymaking in the executive branch is unprecedented. … You know, there’s a lot of talk lately about how Dodd-Frank isn’t perfect. There’s a lot of talk coming from Citigroup about how Dodd-Frank isn’t perfect. So let me say this to anyone who is listening at Citi: I agree with you. Dodd-Frank isn’t perfect. It should have broken you into pieces."

 

 

 

The provisions in the spending bill were largely written by Citigroup, the parent company of Citibank, according to The Inquisitr.

The bill, which passed 219 to 206, contained a provision which rolled back part of the Dodd-Frank Act. The provision would allow FDIC-insured banks to conduct risky derivatives trading that Dodd-Frank had barred in the wake of the financial meltdown.

 

COMMENTS

  • by Cheryl M | 12/17/2014 9:40:29 AM

    Wow Ms Warren, your true colors....there they are. As I've said in the past your words will come back to bite you in the a%&. Spoken like a true soviet leader. Voters are trying to get rid of people like you in Congress. You really think "bring you down," were words voters want to hear from a Senator? Can you say "go back to private practice and get out of politics?" That's where you need to go Ms. Warren.

  • by Jason | 12/17/2014 9:45:55 AM

    I love Elizabeth Warren, and she is absolutely right on this point. In wake of the Great Recession the banking industry has actually consolidated to create even large 2 Big 2 Fail entities and they are now working hard to codify the next tax payer bailout into law.

  • by MKR | 12/17/2014 12:05:08 PM

    Instead of enriching the big banks, how about rolling back some of the ridiculous (broker aimed) restrictions and regulations on owner-occupied purchase transactions? Or at least make it a level playing field by requiring ALL lenders (banks, credit unions, etc) and brokers to disclose all (front/back transaction) income and play by the same rules.

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