Sen. Elizabeth Warren Busts Republicans for a Dangerous Sneak Attack on Dodd-Frank

warren-gop-dodd-frank

Senator Elizabeth Warren (D-MA) is keeping her eye on the big banks and she knows what they and their Republican friends are up to in Congress.

So the Democratic Senator has an amendment (along with Senators Jeff Merkley, Richard Blumenthal, and Tammy Baldwin) to Trade Promotion Authority bill that would ensure that future Presidents don’t use Fast Track authority to undermine Dodd-Frank protections.

On the Senate floor Wednesday, while making the case for her amendment, she busted Republicans for their sneak attacks on Dodd-Frank, saying, “But now if this Fast-Track bill passes, Democrats will be handing Republicans a powerful tool they can use to weaken our financial rules… Fast-track prevents anyone in Congress from offering any amendments to a trade bill and in the Senate with fast-track a trade bill can pass with just 51 votes, not the sixty typically required for major bills.”

Busted.

Watch here:

“Sen. Warren delivered a floor speech on May 20, 2015 about her amendment to the Trade Promotion Authority (“Fast Track”) bill. The amendment would block the use of Fast Track to pass trade deals that would weaken financial regulation.”

On the Senate floor Wednesday, Senator Warren said:

In 2008 we suffered through the worst financial crisis, in generations millions of families lost their homes, millions people lost their jobs millions lost their retirement savings, and they watched as the government spent hundreds of billions of their tax dollars to bail out the giant banks.

In response Congress passed some common-sense financial reforms the, Dodd-Frank Act. These new rules crackdown on cheating and lying in the financial market place. They require the big banks to raise more capital so they wouldn’t need a bailout if they started to stumble and they gave our regulators new tools to oversee the biggest banks to make sure that the rules were followed.

Now it’s no surprise that the giant banks don’t like the new rules, so for five years now they’ve been on the attack they sent their armies of lobbyists and lawyers and their Republican friends in Congress to try to roll back the rules to let the Giants
of Wall Street run free again.

Democrats have stood strong to fight of these attacks because we knew that thoughtful rules can help stop the next financial crisis and protect our working families from another Great Recession. But now if this Fast-Track bill passes, Democrats will be handing Republicans a powerful tool they can use to weaken our financial rules. Here’s how it works this fast-track bill, it applies to any trade deal presented to Congress in the next 6 years, through the end of the Obama presidency through the entire leave the next presidency and into the presidency after that.

Fast-track prevents anyone in Congress from offering any amendments to a trade bill and in the Senate with fast-track a trade bill can pass with just 51 votes, not the sixty typically required for major bills.

So what if we have a Republican president in 2016 or 2020?

What I hope that’s not the case but this is a democracy and it’s not up to me most Republicans including ones currently running for president are committed to rolling back financial reforms with fast-track they can weaken our financial rules in a trade deal and then ram it through Congress with just 16 a 51 votes. In the Senate that is a lot easier than the 60 votes needed for a head-on attack on the financial rules through the normal legislative process.

Sen. Warren raised some great points. Fast-Track trade authority will extend into the next president’s time in office. It would be the height of irresponsibility to the future if Democrats were to be so short-sighted as to give a blank check to a future Republican administration. Republicans have tried everything else, so it is a near certainty that they would attempt to use Fast-Track trade authority to get rid of Dodd-Frank.

Putting checks on potential future Republican abuses that are inherent in their party platform is just plain smart. Elizabeth Warren continues to look out for the working people of this country, which is why her amendment deserves to be passed.

17 Replies to “Sen. Elizabeth Warren Busts Republicans for a Dangerous Sneak Attack on Dodd-Frank”

  1. The price of freedom: Eternal Vigilance.

    The banks just want MORE. Thank you Senator Warren for keeping an eye out for the rest of us.

  2. Hillary Clinton would happily let this slide through while collecting money from the Wall Street lobbies.

    Thank you, Senator Warren, for being a true champion for the middle class.

  3. DJ, insert your link right here!

    Nice talking to most of you.

    John has given me a hard time since I first came to this site. He hates Hillary. Are you sure he is a dem?

    Good luck with your Bernie Warren board.

  4. Putting checks on potential future Republican abuses that are inherent in their party platform is just plain smart. Elizabeth Warren continues to look out for the working people of this country, which is why her amendment deserves to be passed.

    DJ, this is so good. I am just going to enjoy watching.

    Keep checking it one issue Liz. Oh, make that ZERO issue Liz.

  5. Moon, nope. Wrong.

    Sorry, but no. Check DJs link.

    Maybe the actual administration with REAL experts not grandstanders might have some information on this.

    I have wasted so much time on articles that are not accurate in the real world.

    No wonder nobody here likes Hillary.

    She isn’t a phony.

  6. White House Says Elizabeth Warren Trade Amendment Could Hurt Financial Reform
    http://thedailybanter.com/2015/05/white-house-says-elizabeth-warren-trade-amendment-could-hurt-financial-reform/

    The White House is probably right that Warren’s amendment could use some tightening up, but that also raises Warren’s concern that there isn’t enough sealant in all the world to make trade deals water-tight. The truth is that trade pacts carry risks, but so does sitting on the sidelines while China sets them up.

  7. Yes no trade deal amendments that weaken dodd frank. Liz we are speaking to you.

    popcorn ready.

    John doesn’t get any.

    St. Liz was crying last night because she realized she was on the “screech” side of this grown up game. Then she had this crazy person look in the other video. She is a mess over this, and her crap hasn’t hit the fan yet.

    FALLOUT. Maybe she will mind Massachusetts problems now and not try to undercut so many more experienced people.

  8. You troll like a teabagger. The TPP is bad for the nation as a whole and threatens our nation’s sovereignty. The White House is wrong on this, and so is Obama. So are you for that matter.

    I wouldn’t accept popcorn from trolls like you.

  9. So Merkley, Blumenthal, Baldwin wrote it too but she initially left them off and only had her name typed in?

    What a sport.

  10. John, you are wrong. Go look at all my comments as to why on the “union” Tpp thread. I don’t think you are a dem.

    You are one of those fake Bernie trolls the GOP sends out to stir up crap.

    I have credentials as a Hillary supporter if any moderator wishes to contact me. Decades of proof I am what I say I am.

  11. You doubt I’m a Democrat? ROFLMAO!!!
    The way you troll it’s easy to figure out who is paying you to troll for Hillary. Which Wall Street lobbyist is paying you? Are you really a Koch Bros stooge posing? Get lost.

  12. If I was a troll, now use both of your brain cells, would I be supporting the FRONT RUNNER and the only person who can possibly win for the Dems.

    Or would I be supporting Bernie Sanders?

    And you call me an idiot.

    This is typical republican crap, right from Limbaugh himself.

    You don’t like Bill and Hillary and I am the troll! Good try troll.

  13. Get lost? Troll wants the Hillary supporter to leave? Now why is that.

    Keep bashing her. Makes her stronger.

    John – Robert – Jimmy – Erica

  14. John and Rin both of you all just chill. Enough is enough. Damn where are the rethug trolls when you need them

  15. …can we save our hate and distrust for the Teatards and NeoConArtists???
    …I was trained by the Navy as an engineer, steam type…see if I got the logic train on track:
    1}This trade deal was written by the same multi-national corporations who have been gleefully shipping our jobs overseas…
    2}Our centrist President seems more concerned with his legacy than our workers…
    3}This giveaway of our sovereignty is being pushed by all the A-holes who have been obstructing our centrist president since day one…
    4}And the Presidents alarm bells are STILL silent???
    Judge Judy Rule: “Don’t pee on my leg and tell me it’s raining.”

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