House Voted to Get Banksters Back in the Derivatives Business
Wholesale destruction of U.S. economy may now continue without interruption
November 12, 2013
In late October, the House passed a “bipartisan tweak” to the Dodd-Frank bill Congress earlier passed off as “reform” after the banksters nearly crashed the financial system in 2008.
H.R. 992, the Swaps Regulatory Improvement Act, authored primarily by Citibank lobbyists, will allow predatory Wall Street financial institutions to once again engage in high-risk derivatives trading. Losses will be socialized and paid for by the American taxpayer through the Federal Deposit Insurance Corporation or FDIC.
“Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill,” Eric Lipton and Ben Protess wrote for the New York Times. “Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word.”