"Just one day after Treasury Secretary Jack Lew wrote a letter urging lawmakers to reject a slate of Wall Street deregulation measures, nearly two dozen Democrats joined Republicans to approve the package in the House Financial Services Committee.
The legislation would repeal several sections of the 2010 Dodd-Frank Wall Street reform law targeting derivatives, the complex financial transactions at the heart of the 2008 banking collapse. Similar measures have already cleared the House Agriculture Committee with broad bipartisan backing.
The most controversial bill advanced on Tuesday would expand government backing for derivatives by allowing banks to sell them from their taxpayer-insured divisions. Dodd-Frank requires banks to "push out" many of these operations into units that do not receive deposit insurance from the Federal Deposit Insurance Corporation (FDIC)...".* The Young Turks host Cenk Uygur breaks it down.
*Read more here from Zach Carter / The Huffington Post: http://www.huffingtonpost.com/2013/05/07/wall-street-bills-deregulation_n_3232693.html?utm_hp_ref=business&ir=Business
Support The Young Turks by Subscribing http://www.youtube.com/user/theyoungturks
Like Us on Facebook: http://www.facebook.com/tytnation
Follow Us on Twitter: http://www.twitter.com/theyoungturks
Support TYT for FREE by doing your Amazon shopping through this link (bookmark it!) http://www.amazon.com/?tag=theyoungturks-20
Buy TYT Merch: http://theyoungturks.spreadshirt.com/
Support The Young Turks by becoming a member of TYT Nation at http://www.tytnetwork.com. Your membership supports the day to day operations and is vital for our continued success and growth. In exchange, we provided members only bonuses! We tape a special Post Game show Mon-Thurs and you get access to the entire live show at your convenience in video, audio and podcast formats.
Originally collected by
fetching...
(
less)
Comments 0
Log in to join the conversation.
No comments yet. Start the conversation.