Posted on 12/12/2014 2:00:20 AM PST by Libloather
Senate Majority Whip Dick Durbin (D-Ill.) on Thursday morning slammed a provision in the pending spending bill that would repeal a piece of the Dodd-Frank financial reform law and expressed doubt that enough Democrats could support the package if that rider remains.
“I just spoke to Nancy Pelosi. The Democrats believe this is an odious provision that should not be included. Many of us feel the same way,” said Durbin, the No. 2 Democrat in the Senate, on MSNBC’s “Morning Joe.”
“[Speaker John Boehner (R-Ohio)] can take it out in the bat of any eye, and I hope he will. This provision should not be part of our budget bill,” he added.
Durbin said he “absolutely” agreed with Sen. Elizabeth Warren’s (D-Mass.) assessment a day earlier when she railed against the swaps provision that would make it easier for banks to directly engage in derivatives trading.
“It is amazing to me that we worked so long on a spending bill to keep government open and now Wall Street banks have parked themselves under the mistletoe and said before anybody can make a move, ‘We’ve got to get special treatment,’ ” Durbin said.
If the provision is not removed on the House side, Durbin said, “We’ve got a problem.”
Durbin suggested Congress might have to pass a continuing resolution (CR) instead of the “cromnibus” that would fund most of the government through next September.
The Republicans should wait until they take the majority in January before pushing their conservative agenda, Durbin said.
“For goodness sakes, they ought to wait until we pass this budget bill to make other demands,” he said.
The House is slated to hold a vote on the spending measure Thursday — the deadline to fund the government or it will shut down.
Lawmakers are expected to pass a short-term CR lasting only a few days to give the Senate time to consider the legislation and meanwhile keep the government open.
The Senate could vote on the spending bill Friday or over the weekend.
On the House side, the measure is expected to pass, but if only by a slim margin. Republicans need Democratic votes and many Democrats expressed tremendous concern on Wednesday over the Dodd-Frank provision and another that would loosen limits on campaign contributions to national political parties.
Instead of pulling funding from Obamacare, executive amnesty, the EPA, or the myriad of leftist organization sucking grant money off the government teat, Boehner and McConnell decide to accomplish one thing in the budget process — reward their buddies on Wall Street with a provision that has nothing to do with government spending but may cost the taxpayer trillions when the banks have to be bailed out again!!!
Yep. And it will get worse next year. The Dems are ready for battle with an eye on 2016. While the Dems are going scoreched earth, Ryan is all fired up to cut corporate tax rates. That’s his big battle and it dovetails nicely with the Dem game plan. A pounding Dem populism will wipe the floor with the GOP brand in the next Congress.
I think the takeaway is that when it comes to the banks, they’re all bought and paid for.
Chris Dodd is a resigned Senator.
Barney Frank is the Queeah from Massachuttes
Together they covered their asses for the mortgage loan debacle with the DoddFrank law
This whole exercise is bull crap,they are spending TRILLIONS OF DOLLARS IN ONE YEAR FOLKS,we are bankrupt,the American taxpayers are being raped,billions of dollars for ILLEGAL ALIENS!Are you freaking kidding me?
What a bunch of suckers,the whole freaking country should be just shut down until people get a grip,this is insanity
“Ryan is all fired up to cut corporate tax rates.”
Not to mention give Obama fast track trade negotiating authority so the multinationals can import more junk merchandise and export more middle class jobs.
It all depends on how messages are sold. If the mantra is ‘we need to make American businesses more competitive, and bring American manufacturing jobs back to America’, it will sell - especially if comparisons are made between what are costs are here vs China etc.
When pushing for lower corporate taxes, there has to also be a push for lower taxes across the board, and a hard driven message that we can't maintain the standard of living that Americans have been blessed with while at the same time lowering wages to the level of wages in China and other countries in which the government sets wages. Make the point that we have to find other ways to make manufacturing in the US cheaper - and one of the most important is lowering corporate taxes. I'm sure American companies generate a substantial amount of tax dollars in foreign countries - and the point should also be made that this is revenue lost to America - paradoxical to high corporate tax rates.
Tell the truth, and tell it well.
Dodd-Frank was “odious”. Anything that repeals it is good.
Durbin said he "absolutely" agreed with Sen. Elizabeth Warren's (D-Mass.) assessment a day earlier when she railed against the swaps provision that would make it easier for banks to directly engage in derivatives trading. "It is amazing to me that we worked so long on a spending bill to keep government open and now Wall Street banks have parked themselves under the mistletoe and said before anybody can make a move, 'We've got to get special treatment,'" Durbin said.
It stays or the whole stinking mess comes crashing down. I guaranty that the dems will not like the alternative.
Yes and right their with him was his wife the banking lobbyist if my memory is correct.
I used to think he was a stick in the mud, but Kansas Senator Chuck Grassely wanted none of this.
From a historical perspective he was right.
Don't hold your breathe. Boehner will be removing it the first chance he gets.
Mock me if you must, I'd love to share some private conversations with folks in the business with you, but I don't have their permission and it is not for this forum. Pick your payment model, commission, fee-based, or fee-only financial planning / pro's you decide which is values and is not sucking the last nickel out your pocket and helps you meet your goals and objectives in life that is if you are not an uber individual investor ( they are out their, I have seen them ) that can do better than professional advice, or just follow low cost shot gun approach ETF / no load Index models that are often discussed in the financial media. The choice is yours.
I too feel like you what the heck did I vote this past 11/4...
However, I heard this gent on Bill Bennett this a.m. and it is an interest perspective.
I am not trying to polish a turd here, but it is a quick read folks, I'd love your feedback FR-er's!
I wasn't even really talking about bank retail and its relationship to the "Muppets". Equities will always return to the hands of their "rightful owners". Mostly I'm referring to financial repression.
“I am not trying to polish a turd here, but it is a quick read folks, I’d love your feedback FR-er’s!”
By March we will know if Boehner and McConnell intend to put brakes on the emperor or if they are merely playing along. Beginning January they control Congress. They determine the agenda, not Reid, not Pelosi, not Obama.
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