|06-24-2014, 02:49 PM||#1|
Join Date: Jan 2003
Location: Twixt Hell & Highwater
House Passes "London Whale Loophole Act" for the Koch Bros.
Who says you can't buy the legislation you want?
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.
The bipartisan malfeasance continues, and will continue until we decide that money is not free speech and campaigns should be publicly funded.