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WASHINGTON -- The U.S. House of Representatives on Tuesday passed a financial deregulation package that would benefit the Koch brothers and the nation's largest banks by a vote of 265-143.
The legislation would significantly weaken elements of the 2010 Dodd-Frank financial reform law dealing with derivatives -- the complex products at the heart of the 2008 meltdown. Many components of the bill approved Tuesday had previously passed the House with bipartisan support. However, Democratic backing had been weakest on the most controversial measure, which allows U.S. firms to skirt domestic regulations on some derivatives by conducting trades through offshore affiliates in other major financial centers.
Republicans were almost uniform in their support, with Rep. Walter Jones (N.C.) the lone GOP holdout. Democratic opposition was broad, with only 46 Democrats voting in support -- a marked change from several recent House votes on Wall Street deregulation that have drawn substantial backing from dozens, and in some cases an overwhelming majority, of House Democrats. The White House issued a formal statement last week saying that it "strongly opposes" the legislation that passed Tuesday.
Every time we give the big Wall Street banks more breaks and fewer regulations, they abuse it and we end up in a major economic collapse.
originally posted by: xuenchen
If the Senate passed it, it must be good.
Now when is Obama scheduled to sign it ?