Replies

So people have some idea of what it is Warren/Durbin are talking about:
http://dealbook.nytimes.com/2014/12/09/wall-street-seeks-to-tuck-dodd-frank-changes-in-budget-bill/?_r=0
Here is a rundown of the main Dodd-Frank issues that may be in play over the next day or so. The list is based on information learned from people briefed on the legislative negotiations who spoke on the condition of anonymity.

The bill that Citigroup helped draft: This bill would repeal one of the more contentious provisions in Dodd Frank, a requirement that banks “push out” some derivatives trading into separate units that are not backed by the government’s deposit insurance fund. The proponents of the push-out rule argued that it would isolate risky trading from parts of a bank eligible for a government bailout.

The provision exempted many derivatives from the push-out requirement, but some Republicans have long proposed eliminating the provision altogether.

In late 2011, Citigroup floated a compromise. The bank’s lobbyists sent around a proposal that simply exempted a wider array of derivatives from the push-out plan.

As The New York Times reported last year, lawmakers adopted nearly every word of Citigroup’s plan in drafting a bill. The bank’s recommendations are reflected in more than 70 of the 85 lines of that bill.

Remember Citi is in the pockets of liberals a la Rubin and Lew:

http://www.reuters.com/article/2009/01/09/us-citigroup-rubin-idUSN0930738020090109

http://www.huffingtonpost.com/2013/01/11/jack-lew-rubin-citigroup_n_2458142.html