Democratic defenders of the “cromnibus” — no, we haven’t forgotten that horrid word quite yet — have defended the inclusion of a Citigroup-written rider relaxing derivatives regulation in much the same way: It could have been worse. The White House,
. First, they claim that it won funding for the Commodity Futures Trading Commission and the Security and Exchange Commission — a trade floated by the banking lobbyists themselves, who were apparently the lead negotiators here.
Sure enough, the SEC and CFTC each got sizable budget increases in a bill that left them with fewer regulations to enforce. (In Washington it’s considered a major victory to get a budget increase even if you marginalize your own case in the process Elizabeth Warren’s quiet (but huge) win: Why Wall Street lobbyists really hated her “cromnibus” fight
Democratic negotiators argue that agreeing to the provision gave them leverage to kick away various other bilious riders pushed by the financial sector. Meanwhile, Mikulski was one of the members of Congress in charge of negotiating the broader spending legislation.
House Republicans had earlier this year passed a spending bill, in which they inserted a provision undoing the swaps rule without Democratic objection at an appropriations committee hearing. Mikulski took to negotiating a $35 million funding increase for the CFTC in return for the provision while trying to fend off other attacks on Dodd-Frank.
“She simultaneously knocked down six terrible riders that would have watered down or weakened Dodd-Frank,” according to an e-mail from an appropriations committee spokesman. That it’s a trade worth making in isolation, as if this were the last time negotiations would ever be held over Dodd-Frank, is a reasonable argument. But it turns out that this “cromnibus”
was not the final piece of legislation that Congress would ever consider. Rumor is that there’s even a whole new Congress starting work in a couple of weeks — you guys hear about this too, hmm? And all that additional stuff that banking lobbyists wanted last week but didn’t get? Elizabeth Warren’s quiet (but huge) win: Why Wall Street lobbyists really hated her “cromnibus” fight
. First, they claim that it won funding for the Commodity Futures Trading Commission and the Security and Exchange Commission — a trade floated by the banking lobbyists themselves, who were apparently the lead negotiators here.
Sure enough, the SEC and CFTC each got sizable budget increases in a bill that left them with fewer regulations to enforce. (In Washington it’s considered a major victory to get a budget increase even if you marginalize your own case in the process Elizabeth Warren’s quiet (but huge) win: Why Wall Street lobbyists really hated her “cromnibus” fight
Democratic negotiators argue that agreeing to the provision gave them leverage to kick away various other bilious riders pushed by the financial sector. Meanwhile, Mikulski was one of the members of Congress in charge of negotiating the broader spending legislation.
House Republicans had earlier this year passed a spending bill, in which they inserted a provision undoing the swaps rule without Democratic objection at an appropriations committee hearing. Mikulski took to negotiating a $35 million funding increase for the CFTC in return for the provision while trying to fend off other attacks on Dodd-Frank.
“She simultaneously knocked down six terrible riders that would have watered down or weakened Dodd-Frank,” according to an e-mail from an appropriations committee spokesman. That it’s a trade worth making in isolation, as if this were the last time negotiations would ever be held over Dodd-Frank, is a reasonable argument. But it turns out that this “cromnibus”
was not the final piece of legislation that Congress would ever consider. Rumor is that there’s even a whole new Congress starting work in a couple of weeks — you guys hear about this too, hmm? And all that additional stuff that banking lobbyists wanted last week but didn’t get? Elizabeth Warren’s quiet (but huge) win: Why Wall Street lobbyists really hated her “cromnibus” fight
No comments:
Post a Comment