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Senator Vitter(R) reaches across the aisle to join Elizabeth's fight ag Wall Street influence
Sen. David Vitter teams with Democrat Elizabeth Warren to fight spending bill item helping big banks
12/12/14
WASHINGTON -- Sen. David Vitter, R-La., has teamed with Sen. Elizabeth Warren, D-Mass., on an amendment that would remove a provision from the government funding bill that they say allows taxpayer bailouts to financial institutions that engage in risky derivative trading.
The amendment isn't likely to succeed because enactment would delay final action on the $1.1 trillion spending bill that the House passed Thursday night. House members have left town, and stripping the provision would require another House vote.
...Still, the pairing of Vitter, a conservative and Warren, a liberal, on restoring a key element of the 2010 Dodd Frank law, drew some interest. Republicans, including Vitter, tried to block Warren from taking over as head of the board created by Dodd Frank to protect consumers.
Vitter has previously teamed with liberal Democratic Sen. Sherrod Brown of Ohio against policies they believe encourage too big to fail banks - banks that are so large that their failure would have such a dire impact on the economy as to almost require government bailouts - as occurred during the 20008 economic crisis.
Warren and Vitter both agreed it was wrong for Congress to add a last-minute provision to a spending bill allowing derivative trading to be included in transactions covered by government insurance programs.
"Ever since the new financial regulations went into place, Wall Street has been working behind the scenes to open another loophole so they could gamble with taxpayer money and get bailed out when their risky bets threaten to blow up our financial system," Warren said. "Congress should not put taxpayers on the hook for another bailout, and this giveaway that was drafted by Citigroup lobbyists has no place in a critical government funding bill."
Added Vitter: "Before Congress starts handing out Christmas presents to the megabanks and Wall Street -- we should vote on this bipartisan amendment. We need to remove these risky derivatives that aren't even necessary for normal banking purposes and would only make future taxpayer funded bailouts more likely."
http://www.nola.com/politics/index.ssf/2014/12/sen_david_vitter_teams_with_de.html
12/12/14
WASHINGTON -- Sen. David Vitter, R-La., has teamed with Sen. Elizabeth Warren, D-Mass., on an amendment that would remove a provision from the government funding bill that they say allows taxpayer bailouts to financial institutions that engage in risky derivative trading.
The amendment isn't likely to succeed because enactment would delay final action on the $1.1 trillion spending bill that the House passed Thursday night. House members have left town, and stripping the provision would require another House vote.
...Still, the pairing of Vitter, a conservative and Warren, a liberal, on restoring a key element of the 2010 Dodd Frank law, drew some interest. Republicans, including Vitter, tried to block Warren from taking over as head of the board created by Dodd Frank to protect consumers.
Vitter has previously teamed with liberal Democratic Sen. Sherrod Brown of Ohio against policies they believe encourage too big to fail banks - banks that are so large that their failure would have such a dire impact on the economy as to almost require government bailouts - as occurred during the 20008 economic crisis.
Warren and Vitter both agreed it was wrong for Congress to add a last-minute provision to a spending bill allowing derivative trading to be included in transactions covered by government insurance programs.
"Ever since the new financial regulations went into place, Wall Street has been working behind the scenes to open another loophole so they could gamble with taxpayer money and get bailed out when their risky bets threaten to blow up our financial system," Warren said. "Congress should not put taxpayers on the hook for another bailout, and this giveaway that was drafted by Citigroup lobbyists has no place in a critical government funding bill."
Added Vitter: "Before Congress starts handing out Christmas presents to the megabanks and Wall Street -- we should vote on this bipartisan amendment. We need to remove these risky derivatives that aren't even necessary for normal banking purposes and would only make future taxpayer funded bailouts more likely."
http://www.nola.com/politics/index.ssf/2014/12/sen_david_vitter_teams_with_de.html
22 replies
= new reply since forum marked as read
= new reply since forum marked as read
that's the ticket. they're the enemy. don't ever, ever, ever join forces with them on issues that matter, no matter what. 
...after all, it's been said he's fond of wearing diapers. 
