Relevant:
- Is Wall Street literally writing America's laws now?
- Volcker Rule May Be Extended to Overseas Banks With Operations in the U.S.
- Killing Off Community Banks: Intended Consequence of Dodd-Frank?
- House Poised to Pass Bill Taking Aim at Dodd-Frank Regulations
- From Dodd-Frank to Dud: How Financial Reform May Be Going Wrong
2014-12-16 — rollingstone.com
Is killing the Citigroup provision really worth the trouble? Is it a "Hill to die on"? Maybe not in itself. But the key here is that a victory on the swaps issue will provide the Beltway hacks with a playbook for killing the rest of the few meaningful things in Dodd-Frank, probably beginning with the similar Volcker Rule, designed to prevent other types of gambling by federally-insured banks. Once they cave on the swaps issue, it won't be long before the whole bill vanishes, and we can go all the way back to our pre-2008 regulatory Nirvana.
If the Democrats actually stood for anything other than sounding as progressive as possible without offending their financial backers, then they would do what Republicans always do in these situations: force a shutdown to save their legislation. How many times did Republicans hold the budget hostage to rescue the Bush tax cuts?
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