Sen. Warren in Historic Blast vs. Banks. Video to Come
Sen. Elizabeth Warren Image by Getty Images
J.J. Goldberg December 13, 2014
Elizabeth Warren just delivered a slashing speech on the Senate floor about the Dodd-Frank rollback provision in the omnibus spending bill. She went through a list of Citigroup alumni holding top positions in the current administration, laid out the imperative for preventing the big banks from making the same crazy derivatives gambles that blew up in everyone’s faces six years ago. The provision would ease regulation of derivatives and promise future taxpayer bailouts for banks that lose big on derivatives bets.
She talked about the millions who lost their homes and jobs and are now about to have their tax dollars put on the line to bail out the banks again the next time these gambles explode. She quoted Teddy Roosevelt on breaking up the big trusts because they had too much power — not too much economic power but too much political power. And she asked how we got to the point where the big banks could now sneak through such a crazy provision, something that overwhelming majorities on both sides are opposed to, and attach it to a bill that we need simply to keep our government operating.
The American people didn’t elect us to stand up for Citigroup. They elected us to stand up for all the people.
One of the most stirring Senate speeches in memory. I’ll post the video as soon as it’s available.
She is cosponsoring an amendment with Republican Senator David Vitter of Louisiana to strip the provision from the bill. Not clear that Majority Leader Harry Reid will allow a vote on the amendment. Reid “filled the tree” — that is, shut off further amendments, at least for tonight. Some senators hope they’ll have another chance to raise the amendment tomorrow. President Obama is going all out for passage of the bill as is.
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning journalism this Passover.
In this age of misinformation, our work is needed like never before. We report on the news that matters most to American Jews, driven by truth, not ideology.
At a time when newsrooms are closing or cutting back, the Forward has removed its paywall. That means for the first time in our 126-year history, Forward journalism is free to everyone, everywhere. With an ongoing war, rising antisemitism, and a flood of disinformation that may affect the upcoming election, we believe that free and open access to Jewish journalism is imperative.
Readers like you make it all possible. Right now, we’re in the middle of our Passover Pledge Drive and we still need 300 people to step up and make a gift to sustain our trustworthy, independent journalism.
Make a gift of any size and become a Forward member today. You’ll support our mission to tell the American Jewish story fully and fairly.
— Rachel Fishman Feddersen, Publisher and CEO
Join our mission to tell the Jewish story fully and fairly.
Only 300 more gifts needed by April 30
