74.5 F
Park Forest
Saturday, September 24, 2022

Senators File Bipartisan Amendment to Strip Wall Street Bailout Provision from Government Funding Bill

WASHINGTON, DC –(ENEWSPF)–December 12, 2014.  United States Senators Elizabeth Warren (D-Mass.) and David Vitter (R-La.) today filed a short, one-page, bipartisan amendment to remove a provision from the government funding bill that would allow for future bailouts of financial institutions that engage in risky derivatives trading.

“Ever since the new financial regulations went into place, Wall Street has been working behind the scenes to open another loophole so they could gamble with taxpayer money and get bailed out when their risky bets threaten to blow up our financial system,” said Senator Warren.

“Congress should not put taxpayers on the hook for another bailout, and this giveaway that was drafted by Citigroup lobbyists has no place in a critical government funding bill.”

“Before Congress starts handing out Christmas presents to the megabanks and Wall Street – we should vote on this bipartisan amendment,” Senator Vitter said. “We need to remove these risky derivatives that aren’t even necessary for normal banking purposes and would only make future taxpayer funded bailouts more likely.”

The provision in the government funding bill would repeal section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that prohibits federal assistance to financial institutions that engage in certain derivatives activities.

Source: warren.senate.gov

Comments Box

Recent Articles

Stay Connected

3,841FansLike
1,270FollowersFollow
581SubscribersSubscribe

Local Advertisers

ENEWSPF NEWS ALERTS

Trending

Park Forest
overcast clouds
74.5 ° F
76.9 °
70.6 °
57 %
2.2mph
100 %
Sun
72 °
Mon
65 °
Tue
57 °
Wed
58 °
Thu
54 °

About Google Ads

The Google-supplied ads that appear on this website are not reviewed ahead of time and differ for each visitor. If anything offensive, inappropriate, or otherwise unwholesome appears, please notify us so we can take steps to block that specific advertiser. Email the URL or advertiser name to [email protected].