Waters Statement on Potential Wall Street Giveaway in Spending Bill
Washington, DC, December 10, 2014
Following reports of the possible inclusion of a provision to roll back key taxpayer protections against derivatives trading in the soon to be released government funding package, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Service Committee, expressed her extreme disappointment with efforts to undermine the Dodd-Frank Act.
“I am disgusted that in a back room deal, some members and lobbyists for the largest banks are trying to undo a seminal component of the Wall Street Reform Act by reversing a provision that prohibits banks from using taxpayer-insured funds to engage in derivatives trading activity. This legislation, which according to the New York Times was primarily authored by lobbyists at Citigroup, would be a huge gift for Wall Street’s largest banks.