New York, NY — Last night, provisions were added to the House of Representatives' 2015 omnibus spending bill which would repeal crucial features of the Dodd-Frank Act.
In response, Demos Senior Fellow Wallace Turbeville issued the following statement:
In a back room deal in the House of Representatives, a provision opening the door to another taxpayer bank bailout has been slipped into the critical spending bill. Bank lobbyists have inserted repeal of an important provision of the landmark Dodd-Frank Act that protects us all from predatory financial firms and the prospects for another bail out caused by the casino banking that is the derivatives markets.
This is a shameful attempt to avoid a proper discussion of the “swaps push-out” provision that requires banks to transact derivatives in a separate subsidiary to insulate their balance sheets and depositor funds that are insured by the American people. Every effort must be made to block this ploy.
Today, at 3 pm, there is a rules vote where this can be stopped in its tracks by simply making sure that the provision can be debated before the American public.