Once in composing the language for the Wall Street Rider that would make Tax-payers responsible for any "future" Derivatives Bailouts:
[...] the bill would reverse Dodd-Frank requirements that banks "push out" some of derivatives trading into separate entities not backed by the Federal Deposit Insurance Corporations. Ever since being enacted, banks have been pushing to reverse the change. Now, the rules would go back to the way they used to be.
And TWICE, by actually "lobbying" Congressional Dems --
actually calling them -- to twist their arms to vote for this Un-debated rollback of Dodd-Frank rules ... very far from the light of day.
Jamie Dimon himself called to urge support for the derivatives rule in the spending bill
by Steven Mufson and Tom Hamburger, washingtonpost.com -- December 11 , 2014
[...]
But perhaps even more outrageous to Democrats was that the language in the bill appeared to come directly from the pens of lobbyists at the nation’s biggest banks, aides said. The provision was so important to the profits at those companies that J.P.Morgan's chief executive Jamie Dimon himself telephoned individual lawmakers to urge them to vote for it, according to a person familiar with the effort.
The White House, in pleading with Democrats to support the bill, explained that it got something in return: It said that it averted other amendments that would have undercut Dodd-Frank, protected the Consumer Financial Protection Bureau from Republican attacks, and won double digit increases in funds for the Securities and Exchange Commission and the Commodity Futures Trading Commission. "The president is pleased," said White House spokesman Josh Earnest.
Earnest said that Democrats were upset about "a specific provision in this omnibus that would be related to watering down one provision of the Wall Street reform law. The President does not support that provision. But on balance, the President does believe that this compromise proposal is worthy of his support."
[...]
Simply incredible, the way business gets done in Congress these days ...
by Bankers with Rolodex-speed-dial to their Representatives.
