Sen. Elizabeth Warren blasts bankers: ‘Dodd-Frank isn’t perfect. It should have broken you into pieces.’

Arturo Garcia
12 Dec 2014 at 20:46 ET

Sen. Elizabeth Warren (D-MA) continued her attack on the proposed “Cromnibus” spending bill on Friday, calling out both party colleagues and the banking industry for a provision in the bill that would repeal part of the Dodd-Frank economic oversight act.

“There’s a lot of talk lately about how the Dodd-Frank Act isn’t perfect,” Warren said on the Senate floor. “There’s a lot of talk coming from Citigroup about how the Dodd-Frank Act 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 bill passed in the Republican-dominated House on Thursday following the inclusion of a clause that would allow banks to once again trade derivatives alongside regular bank accounts.

Earlier this week, Warren accused Citigroup lobbyists of writing the provision, which she said was inserted into the $1.1 trillion bill at the last minute. Reuters reported that the measure has drawn criticism from both Democrats and more conservative Republicans, each of whom object to other parts of the bill.

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