The political gamesmanship has begun. According to Maxine Walters “Republicans attempted to move a package of 11 bills that contained controversial changes to provisions relating to derivatives and Volcker rule. The legislation was voted on under suspension of the rules, which provides no opportunity for transparency, robust debate or amendments. Needing the support of two-thirds of the House to pass, Democrats joined to defeat it by a vote of 276-146.”
Ms. Walters also said “Most harmful was a provision delaying an important portion of the so-called ‘Volcker Rule,’ which prevents deposit-taking banks from making bets using taxpayer-insured funds. This measure would have given mega-banks . . . like Citigroup and JP Morgan another two years to sell off some of their most risky investments. And it comes on top of the Federal Reserve’s recent announcement of a three-year delay.“
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