Senate Passes Bill that Rolls Back Bank Regulation

The Senate on Saturday night voted 56-40 for a controversial $1.1 trillion bill that rolls back regulations on Wall Street, lets companies reduce pensions for current retirees, cuts funding for the EPA and dramatically increases how much rich people may donate to politicians. Sen. Bernie Sanders voted no. Read why In stark contrast to House Democrats who nearly derailed the budget, just five Senate Democrats and Sanders voted against the motion that ended debate on the bill.

Under the measure headed to the White House for President Barack Obama’s signature, federally insured funds may be used again by banks in high-risk investments. That risky practice was outlawed by the 2010 Dodd-Frank Wall Street reform law. “When they make a whole lot of money they get richer, but when they lose money because of the repeal of this provision, the taxpayers of this country have to bail them out,” Sen. Sanders said. “Does anybody – anybody – think that that makes any sense at all?” Sanders asked in a Senate floor speech. Watch “Totally crazy,” Sanders said of the deal in a Friday night interview with Rachel Maddow. Watch

Sanders announced on Saturday that he plans to introduce legislation to break up Wall Street banks and prevent them from using a provision in the spending bill to engage in the kind of investments that led to the 2008 financial crisis. “If Congress cannot regulate Wall Street, there is just one alternative. It is time to break these too-big-to-fail banks up so that they can never again destroy the jobs, homes and life savings of the American people,” Sanders said. Read more