General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsElizabeth Warren’s quiet (but huge) win:Why Wall Street lobbyists really hated her “cromnibus” fight
Democratic defenders of the cromnibus no, we havent forgotten that horrid word quite yet have defended the inclusion of a Citigroup-written rider relaxing derivatives regulation in much the same way: It could have been worse. The White House, and Democratic appropriators, argue that giving in on the swaps pushout rule was a relatively minor concession compared to all the Dodd-Frank regulations and funding it preserved.
First, they claim that it won funding for the Commodity Futures Trading Commission and the Security and Exchange Commission a trade floated by the banking lobbyists themselves, who were apparently the lead negotiators here. Sure enough, the SEC and CFTC each got sizable budget increases in a bill that left them with fewer regulations to enforce. (In Washington its considered a major victory to get a budget increase even if you marginalize your own case in the process.)
Along with the funding gains, Democratic negotiators argue that agreeing to the provision gave them leverage to kick away various other bilious riders pushed by the financial sector.
Meanwhile, Mikulski was one of the members of Congress in charge of negotiating the broader spending legislation. House Republicans had earlier this year passed a spending bill, in which they inserted a provision undoing the swaps rule without Democratic objection at an appropriations committee hearing. Mikulski took to negotiating a $35 million funding increase for the CFTC in return for the provision while trying to fend off other attacks on Dodd-Frank.
She simultaneously knocked down six terrible riders that would have watered down or weakened Dodd-Frank, according to an e-mail from an appropriations committee spokesman.
Banks and financial institutions are planning an aggressive push to dismantle parts of the Wall Street reform law when Republicans take control of Congress in January.
Fresh off a victory in the government funding debate that liberals decried as a giveaway to Wall Street, advocates for the financial sector aim to pursue additional changes to Dodd-Frank that they say would lighten burdens created by the 2010 law. Among the top items on the wish list: easing new requirements on mortgages, loosening restrictions on financial derivatives and overhauling the Consumer Financial Protection Bureau.
Every major piece of legislation has changes. Even our Constitution has significant changes, said Richard Hunt, president and CEO of the Consumer Bankers Association. People have an opportunity to be part of the results caucus or the rhetoric caucus.
More here: http://www.salon.com/2014/12/18/elizabeth_warrens_quiet_but_huge_win_why_wall_street_lobbyists_really_hated_her_cromnibus_fight/
Adam051188
(711 posts)what they need to do is get an arena and a big mascot style monopoly man costume that someone can wear. instead of all that stupid talking that no one wants to hear we can have liz hop in the ring wearing a leotard and boxing gloves and beat the snot out of monopoly man while spitting catchy one liners. "not so big now huh money guy!", or something....
WillyT
(72,631 posts)Here's the piece from TheHill:
Industry advocates say they need to strike while the iron is hot, given the likelihood that the race for the White House could soon plunge Congress into partisan warfare.
The window gets narrow very quickly, but I also look at that optimistically, said James Ballentine, a lobbyist for the American Bankers Association. At the outset of the Congress, I anticipate them being very busy.
The lobbying blitz is likely to draw a counterattack from liberal groups, which last week rallied behind Sen. Elizabeth Warren (D-Mass.) in denouncing the $1.1 trillion funding package as a sweetheart deal for Citigroup.
And...
This past weeks drama suggests in some ways that we are, more likely than people once thought, going to win some of those fights, said Lisa Donner, executive director of Americans for Financial Reform. This debate, and how much people engaged in it, really does put members of Congress on notice that the public cares.
One senior financial industry executive said the dust-up over the funding bill has forced the industry to recalibrate its lobbying priorities for the coming year. Given Warrens megaphone, the executive said, getting through the next Congress without new restrictions on large banks would constitute a win.
More: http://thehill.com/policy/finance/227363-emboldened-wall-street-ready-to-dismantle-dodd-frank-financial-law
Faryn Balyncd
(5,125 posts)aspirant
(3,533 posts)yet here comes legislation with all the worse stuff included.
Will Obama cave on all right-wing economics?
RiverLover
(7,830 posts)to enforce"...
and the EPA budget was gutted.
Our priorities are so screwed up here.
And Liz will be in the minority in a few weeks. Much tougher to fight off the bank-sponsored rethugs' efforts to further dismantle Dodd-Frank.
She's said before if the peoples' voices are loud enough, that is what brings real change. We need to back her up when she's out there fighting for us next year!!
Get on the phone, send emails, write our local papers...