Schumer's Delicate Dance with Wall Street
Last week, I wrote a piece in this space lamenting the fact that so many Democrats had voted for a budget package that gutted a key provision of the Dodd-Frank Act. The so called swaps push-out provision, now repealed, required banks to separate their speculative business in derivatives from depository banking covered by government insurance and further protected by the Federal Reserve. The broader budget deal, technically a continuing resolution to keep the government funded through next September, also cut a lot of needed public spending and added several odious riders, including one that raises the ceiling on individual campaign contributions to party committees about tenfold. Had Democrats resolutely opposed the deal, I argued, it would have revealed Republicans as friends of Wall Street and enemies of Main Street -- a useful party differentiation between now and 2016.
schumer delicate dance wall street week write piece space lament fact democrats vote budget package gutte key provision dodd frank act call swap push provision repeal require bank separate speculative business derivative depository banking cover government insurance protect federal reserve broad budget deal technically continue resolution government fund september cut lot need public spending add odious rider include raise ceiling individual campaign contribution party committee tenfold democrats resolutely oppose deal argue reveal republicans friend wall street enemy main street useful party differentiation