A series of bills which together called “The Wall Street Reform Act” are intended to reduce the effectiveness of the already massively watered down Dodd-Frank bill. The Act has passed out of the House Finance committee. The full House is getting ready debate this corrupt bill. The bill will let Wall Street crimes run rampant, such as providing more bribes to more members of the House of Representatives, and to create more and more bogus financial instruments whose purpose is to redistribute income from the 99 to the 1 percent.
Naturally, most Democrats and the entire Republican party will support the bill. US Middle Class Senator Elizabeth Warren has become the major opponent of the bill.
Warren said, “It is dangerous for Congress to amend the derivatives provisions of the Dodd-Frank Act.” Derivatives are financial instruments in which their value is other assets, like crop prices, interest rates and mortgages; some economists believe these products helped cause the 2007 financial collapse. So derivatives are things like credit default swaps, mortgage backed bonds, etc…
“Wall Street’s aggressive determination paid off last week” when the bills passed out of committee, Warren said. The bills also have bipartisan support, and have a good chance of being taken up in the Senate. If they do, Warren says she’ll go to battle: “Now is no time to go backwards,” she said. “I will do what I can in the United States Senate to stand up to those who would chip away at reform.”
One person who is least likely to join Warren in this battle is Wall Street Senator Ron Wyden. No doubt, either above or below the public radar, Wyden will support the bill, even if this corrupt senator publicly voices his disagreement with it.
