Elizabeth Warren slams pro-Wall Street bill

[marmar]

Sen. Elizabeth Warren (D-Mass.) said Thursday that she will fight legislation in the Senate that would roll back key parts of the Dodd-Frank financial reform law, just a week after the package made it out of the House Financial Services Committee with support from fellow Democrats.

"Wall Street’s aggressive determination paid off last week when the House Financial Services Committee reported out several bills to roll back reforms to the derivatives markets included in the Dodd-Frank Act," Warren said in a statement. “I strongly agree with Treasury Secretary Lew’s opposition to the bills. The Dodd-Frank Act put in place a variety of measures that work together as a system to protect consumers, hold big banks accountable, and reduce the risk of future crises. It is dangerous for Congress to amend the derivatives provisions of the Dodd-Frank Act without at the same time taking accompanying steps to strengthen reform and maintain the law’s equilibrium."

The legislation targets derivatives, complex financial contracts that fueled the 2008 financial crisis. Many of Dodd-Frank's rules on derivatives have not yet been implemented by regulators, but a bipartisan cadre of lawmakers in the House has nevertheless pushed to repeal measures designed to reduce risk and increase transparency. .................(more)

The complete piece is at: http://www.huffingtonpost.com/2013/05/16/elizabeth-warren-dodd-frank_n_3287741.html?ncid=txtlnkushpmg00000037

[MrSlayer]

1. Filibuster it.

Refuse to let it go to a vote.

[JDPriestly]

3. That would be a great thing for Elizabeth Warren to do -- filibuster this bill.

The eyes of the public would be opened, first, to what a courageous woman she is and second, to what the banks are trying to pull -- again.

Go for it, Elizabeth Warren.

[rhett o rick]

7. I doubt she can get the votes. nm

[Buns_of_Fire]

10. Or easier still, just put a hold on it.

Lord knows, it's not as if they haven't seen plenty of holds placed by republics over the last several years.

[MrSlayer]

11. Right.

Just keep it from getting to the floor.

[ProSense]

2. These bills are

quietly inching toward passage with no outcry or pushback. People have spent so much time mischaracterizing Dodd-Frank and the anti-regulation forces are capitalizing on that.

Senators want exemption to Dodd-Frank swap rules
http://www.democraticunderground.com/10022829434

[Logical]

4. Love her

[madfloridian]

5. She impresses me so much.

Good for her.

[NYC_SKP]

12. Dear madfloridian:

I'm sincerely sorry for your loss.

[fascisthunter]

6. We Have Some Real Sick-in-the-Head People in Congress

problem is, not enough folks speak like I just did... if they did, our government would be mush different. Remember to watch how you speak, now... don't wanna offend anybody. Pathetic.

[hootinholler]

8. Keep standing up for us Liz!

We got your back.

[Zorra]

9. She's a rare beacon of life and light in Zombieland, DC.

I wish there were 75 more like her in the Senate.

[mick063]

13. Hedge Funds

There will soon come a day when average Americans will know much more about them.

Similar to how we were collectively educated about financial institutions selling mortgage bundles in 2008.

Bad news these derivatives are. Very, very bad news.

The worst thing about them? It is profitable to "bet" on failure. We have a system that gives great reward for investing in funds that require some type of failure. So what do you expect might happen?


Everyone ready to pitch in on another bail out?

It's comin'