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December 15, 2014

Sen. Warren Blasts Citibank for Authoring Repeal of Dodd-Drank Rule 
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The congressional spending bill divided Democrats over the repeal of a
major rule in the Dodd-Frank financial reform bill that limits risky
trades by federally insured banks. The financial giant Citigroup
reportedly authored the provision. Calling out Citigroup on the Senate
floor, Democratic Senator Elizabeth Warren accused the financial giant
of wielding too much power in Washington — and said it should have
been broken "into pieces" under Wall Street reform.

Sen. Elizabeth Warren: "In recent years, many Wall Street institutions
have exerted extraordinary influence in Washington's corridors of power.
Citigroup has risen above the others. Its grip over economic
policymaking in the executive branch is unprecedented. … You know,
there's a lot of talk lately about how Dodd-Frank isn’t perfect.
There's a lot of talk coming from Citigroup about how Dodd-Frank isn't
perfect. So let me say this to anyone who is listening at Citi: I agree
with you. Dodd-Frank isn't perfect. It should have broken you into
pieces."

Warren introduced an amendment that would have stripped the Citigroup
provision from the spending bill, but it was left out.

 

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