The focus of the uproar is a provision that would allow Wall Street banks to trade risky financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp. -- potentially putting taxpayers on the hook for losses.... ... The provision was inserted in a $1 trillion omnibus spending package as a result of an agreement negotiated with House Republicans by Senate Appropriations Committee Chair Barbara Mikulski (D-Md.). Mikulski originally cut the deal to include the derivatives language in exchange for a 16 percent increase in funding for the Commodity Futures Trading Commission, the agency responsible for overseeing the derivatives market. Congress needs to agree to a funding package by 11:59 pm Thursday, or the government will shut down. ... In other words, the entirety of congressional Democrats financial policy brain trust is in revolt. And Warrens aggressive position signals a dramatic shift in the partys public messaging.
Posted on: Thu, 11 Dec 2014 10:50:03 +0000
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