The Republican-controlled House of Representative passed a spending bill that undermines financial regulatory reform this week, providing a nice surprise for Wall Street banksters, reported Salon. The spending bill had a boost, as a Wall Street CEO solicited House members for votes to pass the spending bill.
Jamie Dimon, the CEO of JPMorgan, personally contacted House members to enlist their vote to pass the spending bill, which dismantles key part of the Dodd-Frank financial reform bill and provides huge tax giveaways for large banks. A provision in the spending bill breaks down the “swap pushout” rule in Dodd-Frank.
The “swap pushout” rule prevents banks from using taxpayer money to trade high-risk items on the market. That provision was included into the spending bill by Kevin Yoder (R-KS), former employee of CitiGroup.
Naturally, Democratic leaders Elizabeth Warren and Nancy Pelosi disapproved of the spending bill, namely Yoder’s revisions that undermines Dodd-Frank. Sadly, 57 House Democrats sold out their party by voting along with House Republicans to pass the spending bill.
When government and the financial sector have a cozy relationship, things like this spending bill are the result. Bankers who go back and forth between the banks and government are just middlemen whose goal is to make government as corporate-friendly as possible. Dimon, for instance, actually supported Democrats, trying to win over members of a party he deemed to be anti-business.
Party has hardly mattered for these Wall Street and Capitol Hill crooks. Red and blue are increasingly being taken over by green.