It’s official. Obama has signed the $1.1 trillion spending bill complete with corporate favoritism and a special bailout provision that voids a tremendously important part of Dodd-Frank, reported The Huffington Post.
There were provisions written into the spending bill that angered Republicans and Democrats. Both sides of the aisle begrudgingly passed the bill so as to avoid another government shutdown debacle similar to last October. This spending bill was simply intended to avoid a shutdown.
“This, by definition, was a compromise bill,” said President Obama last week. “This is what’s produced when we have the divided government that the American people voted for. There are a bunch of provisions in this bill that I really do not like.”
The HuffPo further noted that this current spending bill “retains cuts negotiated in previous budget battles and rolls back some banking regulations.”
One provision of the spending bill was actually written by Wall Street banksters at Citigroup bank. That provision nullifies part of the Dodd-Frank Act that called for banks to rely on the Federal Deposit Insurance Corporation in the event of another crisis similar to 2008. As written now, another bailout would come again at the taxpayers expense.
Sen. Elizabeth Warren is obviously against the spending bill. Warren said last week that the bill would “let derivatives traders on Wall Street gamble with taxpayer money – and, when it all blows up, require the government to bail them out.”
Some Republicans were reportedly against this bill. However, everybody knows that this bill was a win for Republicans and an early holiday present for Wall Street. They gamble with our money, lose it, and out tax dollars bails them out. The cycle continues.
