House Passes Bill To Aid Koch Brothers, Deregulate Wall Street

House Passes Bill To Aid Koch Brothers, Deregulate Wall Street

OK so this is a little late, but it hasn't been posted or even discussed at all, and that is a real shame. It is this type of Congressional track record that is driving the USA closer and closer to the brink of manmade disaster.

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. The last time in 2007-8 we nearly ended up in a depression and it was all from lax oversight of the Banksters.

Now the House is set to erode what pitiful few regulations were enacted to prevent that disaster from repeating. Derivative Options are an especially volatile market and it is dominated by a few large players especially in the energy sector.

Just remember the passage of this bill several years from now when you are going through yet another financial collapse.

If the Senate passed it, it must be good.

right?

Now when is Obama scheduled to sign it ?

a reply to: xuenchen
Arent the kosh brothers your right wing heroes, more money for the rich and people will still blame obama and the dems.

a reply to: RancorXXX

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.

"We" didn't give them that. They took it by bribing officials through their various PACS organization.

"We" have been bypassed.

You can try casting your digital vote next election, good luck changing anything with that, except the faces spinning around in the revolving door of business and government.

originally posted by: xuenchen
If the Senate passed it, it must be good.

right?

Now when is Obama scheduled to sign it ?

Read the article the Senate hasn't passed it. Typical GOP agenda give the bankers and wall street whatever they want and to hell with the rest of America.

a reply to: xuenchen

Quite the Koch fanboy

Charles Koch: I'm Fighting to Restore a Free Society
Charles Koch: Why We Fight for Economic Freedom
Evil Koch Brothers Rank 59th in Political Donations, ActBlue 1st
Koch-backed group, Romney super PAC lead charge against Obama
the Koch Card ;; Democrat ObamaCare Panic
Harry Reid Took Money from Koch Lobbyist
Tea Party hits Reid with ethics charge over Koch brother
Harry Reid -> ‘Multizillionaire’ Koch Brothers Are The ‘Main Cause’ of Climate Change

a reply to: RancorXXX

Love the dog-whistle reference to the Koch Brothers - the hallmark of an unbiased source ...

a reply to: theantediluvian

Thanks for the references to threads