The Phaserl


Wall Street Always Gets Its Way

by Eric Dubin, The News Doctors:

Congress recently passed a 1600+ page omnibus spending bill to fund government operations for the remainder of the fiscal year. As has been the norm with these types of bills, they afford a great opportunity for all sorts of mischievous provisions to be slipped in without notice. After all, who is going to take the time and effort to read a 1600-page bill, especially when you’re only given a day or two to look over it? One of the more egregious provisions that was slipped in this time around was a section that was purported to offer relief to banks by repealing the so-called “push-out” rule enacted in the Dodd-Frank bill in 2010. This relief provision was originally introduced in the 113th Congress as H.R. 992, the Swaps Regulatory Improvement Act. It passed the House on October 30, 2013 by a vote of292-122, but was never taken up in the Senate. But the big banks wanted this provision enacted into law, and so it was stuck into the omnibus spending bill and now will be signed into law.

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