Here We Go Again – the Effective Repeal of Dodd-Frank As Xmas Gift to Bankers?

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The high-flying banks are at it again. There has been lobbying going on to sneak a clause in the continuing resolution to fund the government over the holidays for the December 11th deadline. The provision they are trying to sneak in would allow the banks to trade derivatives through subsidiaries that are federally insured by the FDIC. In other words, they are circumventing the very reforms of the 2007-2009 crash.

This is not yet confirmed. The bill was held up and the final language was being submitted at midnight last night. This is how they operate so everyone is asleep and the real dirty shit is stuffed in bills in the middle of the night. This tactic is outright fraud upon the nation and the world. We seriously need political reform or there will be no future.

This is how the lame-duck Congress always functions – bribe time on steroids. The manipulating banks are trying to sneak this into  a bill to keep the government funded for Christmas and they know they will get the votes because nobody will read the fine print on Capitol Hill. They are trying to now effectively repeal the Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173) before the new Congress comes in. These lame-duck sessions are highly dangerous and have done far more long-term damage to the nation than any other session. This is Congress on sale to the highest bidder.

When we get the real real final language, we will confirm everyone what they have pulled off this time if it survives.