Once again Congress is stripping away the Dodd-Frank bill. The bill is far from perfect and the bill needs to be strengthen that need to add regulation on derivatives.
WASHINGTON — The U.S. House of Representatives on Tuesday passed a financial deregulation package that would benefit the Koch brothers and the nation’s largest banks by a vote of 265-143.
The legislation would significantly weaken elements of the 2010 Dodd-Frank financial reform law dealing with derivatives — the complex products at the heart of the 2008 meltdown. Many components of the bill approved Tuesday had previously passed the House with bipartisan support. However, Democratic backing had been weakest on the most controversial measure, which allows U.S. firms to skirt domestic regulations on some derivatives by conducting trades through offshore affiliates in other major financial centers.
Republicans were almost uniform in their…
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