Tuesday, December 16, 2014

US spending bill boon for Wall Street?

(BBC) On Thursday, the US House of Representatives voted 219-206 in favour of funding most government operations for the next fiscal year.

But the bill - which includes rollbacks of regulations meant to protect the economy from dangerous banking practices - is flawed with provisions that have serious consequences, Forbes reports.

"The measure that relaxes some regulations on derivative trading for corporations - including big banks - brings to mind how we ended up in financial collapse in 2008," writes author Doug Schoen.

"And the provision that expands the amount of money individuals can give to national parties will certainly make worse a campaign finance environment that is already wildly out of control."

Read full article here.


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