In a case of strange bedfellows, liberal Democratic Sen. Sherrod Brown (OH) and conservative Republican Sen. David Vitter (LA) have joined forces to push for the removal of language weakening rules on big banks in the spending bill.
The two senators wrote a joint letter calling on congressional leaders to remove a provision from the $1.1 trillion spending bill that would loosen rules on derivatives trading established in the Dodd-Frank financial reform law.
Read the letter below.
Despite a Democratic revolt led by Sen. Elizabeth Warren (D-MA), it’s unlikely the language will be stripped from the massive spending bill. It narrowly cleared a hurdle in the House on Thursday, and is poised for a full House vote later in the day. If it passes, the Senate is expected to take it up shortly after. The White House has said it objects to the Dodd-Frank provision, but supports the overall bill anyway.
this actually looks like it gaining some traction… msnbc briefly covered warren’s senate speech she’s giving now and it’s worth checking out. several senators must be getting some feedback, because they’re starting to speak out about it. durbin is also on board… clinton must be getting heartburn watching warren…
edit: although it looks likely to lose, warren is certainly getting out in front on this. and her knowledge and ability to explain cannot be understated.
I predict it’ll pass with the provision still in there. The big banks own Congress and Obama isn’t going to pick a fight with them either even if it would be to everyone’s benefit.
If this passes, I will un-register as a Democrat which means I will no longer be able to vote in primaries here in Georgia.
The wording in the bill is EXACTLY the same as what CitiBank submitted to them.
word for word.
Strange bedfellows - most reusable headline ever when talking about David Vitter.