Veto this bill, President Obama!!!
WASHINGTON — House Republicans on Wednesday pushed through a bill that would delay a key section of the Volcker Rule, ignoring staunch opposition from Democrats and a veto threat from President Barack Obama.
The vote of 271-154 included just 29 Democratic supporters. Rep. Walter Jones (R-N.C.), a persistent opponent of Washington favors for big banks, was the lone Republican to stand against the bill.
“If at first you don’t succeed, try, try, again,” said Rep. Maxine Waters (D-Calif.) on the House floor the evening before the vote. “Usually we use that saying with children, to encourage them to achieve greater things, but it seems that when it comes to Congress, it’s what Wall Street keeps telling House Republicans.”
The legislation is a compilation of 11 bills that chip away at the 2010 Dodd-Frank financial reform law. All but one passed the House by wide margins in 2013 and 2014, but died in the Senate, where then-Majority Leader Harry Reid (D-Nev.) refused to put them on the floor for a vote. The most controversial measure in the collection is a two-year delay of a requirement that banks offload “collateralized loan obligations” — risky packages of corporate debt that are sliced off for sale to investors. Similar collections of risky mortgages were at the heart of the 2008 meltdown, and federal regulators have been warning about the corporate debt market overheating.
Big banks dominate the CLO market, which regulators say is between $84 billion and $105 billion in size. JPMorgan Chase alone holds about $30 billion in CLOs.
On a side note: one lone Republican who voted against the bill.
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