Rep. Kevin Yoder Helps Big Banks Undo Taxpayer Protection
This is just another reason I hate my worthless congress critter, Dennis Yoder, friend of derivatives pimps everywhere.
U.S. Rep. Kevin Yoder of Overland Park played a regrettable role in the raucous government-funding exercise that cleared the House Thursday.
Tucked into the $1.1 trillion spending bill is a provision sponsored by Yoder to undo an essential protection of the 2010 Dodd-Frank law to regulate Wall Street.
The regulation says banks cannot rely on protection from the Federal Deposit Insurance Corporation when they trade their riskiest assets. Big banks have attempted to get rid of that taxpayer protection since the law was passed.
Rolling back the measure proved difficult to achieve through the normal legislative process. So lobbyists approached friendly members of Congress about attaching it to a larger bill, according to Politico. They found a champion in Yoder, even though some members warned that slipping deregulatory measures into spending bills had helped spawn abuses that created the Wall Street meltdown.