Bipartisan House Gives In To Wall Street, Passes Dodd-Frank Rollback Drafted By Citigroup Lobbyists [View all]

[Purveyor]

A bipartisan majority in the House of Representatives rolled back one of the key elements of the Dodd-Frank financial reform law passed in the wake of the 2008 economic meltdown.

The House voted 292-122 to pass Swaps Regulatory Improvement Act, which repeals a provision in the law that required big banks to move some derivatives trading into separate units that aren’t backed by the government’s insurance fund.

The vote followed months of heavy lobbying by Wall Street banks, and The New York Times reviewed emails that showed Citigroup lobbyists drafted at least 70 of the House bill’s 85 lines.

In addition, a MapLight analysis showed Citigroup had showered House members who voted for the bill with campaign cash in the three years since Dodd-Frank was passed.

One of the bill’s co-sponsors, Rep. Jim Hines (D-CT), has received more than $66,000 from the bank, more than any other House member, and the bill’s co-sponsors received an average of 16.8 times more money from Citigroup than other House members.

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http://www.rawstory.com/rs/2013/11/01/bipartisan-house-gives-in-to-wall-street-and-passes-dodd-frank-rollback-drafted-by-citigroup-lobbyists/