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.

 

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