Wall Street Deregulation Garners Bipartisan Support Despite Devastating JPMorgan Report

[ProSense]

26. It's a good thing

there are members of Congress fighting to protect Wall Street reform.

"The road to hell is paved with these bills," said Rep. Alan Grayson (D-Fla.), an advocate of financial reform...The House Agriculture Committee will mark up several derivatives bills on Wednesday despite opposition from a coalition of public interest and consumer advocacy groups known as Americans for Financial Reform. The effort to weaken regulation...comes less than three years after the Dodd-Frank Wall Street reform legislation, signed into law by President Barack Obama in 2010, set a host of new standards for the derivatives business, including heightened transparency and reduced taxpayer support.

...Levin expressed exasperation at the House efforts. "Last year, some members of Congress supported watering down Dodd-Frank derivative safeguards, but abandoned those efforts after the world learned that JPMorgan Chase had lost billions of dollars on derivative trades made out of its London office," Levin said. "It is incredible that less than a week after new JPMorgan Whale hearings detailed how the bank's London office piled up risk, hid losses, and dodged regulatory oversight, that some House members are again supporting the weakening of derivative safeguards."

Include Elizabeth Warren.