House-Passed Bill Would Roll Back Derivatives Reform


The House vote to approve this legislation, largely written by Citibank lobbyists, reminds us that Wall Street is still doing everything in its power to protect the status quo that caused the financial crisis. The bad news is how many House members voted to roll back Dodd-Frank reforms and permit a few giant Wall Street banks to use publicly insured deposits to deal in exotic derivatives. The good news is that we did much better on the House floor than we did in committee: 122 House members and a significant majority of Democrats voted No this time. What started out as a backroom deal between bank lobbyists and legislators wound up being an uncomfortable vote for the dealmakers. That makes it much less likely that the Senate will act, and more likely that the swaps push out provision will finally be implemented


AFR Letter of Opposition

Additional Materials on HR 992

List of Organizations in Opposition to HR 992:

  • Americans for Financial Reform (AFR)
  • CalPERS
  • Commodities Markets Oversight Coalition (CMOC)
  • International Brotherhood of the Teamsters
  • Public Citizen