GOP Uses Spending Bill To Gut Dodd-Frank
by Deacon Blues
It should come as no surprise that House and Senate Republicans hijacked the government funding measure in the dark of night to add measures that would gut the Dodd-Frank financial reform law and allow Corporate America to bankroll the Republican National Convention. Leveraging congressional Democrats and the White House with these onerous provisions attached to a "must-pass" spending measure is right in line with the GOP's open war on the middle class.
But they had help: Maryland Democratic senator Barbara Mikulski actually negotiated the language with the House GOP to let Wall Street resume recklessly trading derivatives again with the FDIC picking up the risk of default. This is the same Barbara Mikulski who refused to provide the FBI and SEC with funding to aggressively investigate Wall Street for its crimes in the crash.
But really, using a Citibank-written provision to wipe out the Volcker Rule and let the same bad Wall Street actors who sank the economy and robbed millions of Americans of their homes, pensions, and health care do it all again, with another taxpayer-financed bailout calls into question what the Tea Party really stands for. If they really are against "business as usual" and government bailouts, then why would so many House Republicans support letting Wall Street rape America again? That is, of course, if the Tea Party really gives a damn about stopping "business as usual". With their support of such a transparent rip-off of Main Street to benefit Wall Street, we're about to see what the Tea Party really stands for, and it isn't Main Street.
As for the president, it's about time to call out John Boehner and Mitch McConnell for what they are trying to do here. He needs to go on TV tonight or tomorrow and simply ask why the Republican Party is willing to let the government shut down unless Wall Street gets to destroy the economy again.