The House passed a bill this week that would expand the number of banks that will be eligible for government bailouts and eliminated rules to prevent the banks from making really risky bets with our money.
New Information (Found Since this Podcast Episode Was Released)
- Has additional information on the corrupt Congressmen who moved H.R. 992 through the House.
Links to Information in This Episode
- Expands the eligibility of American foreign banks that would be eligible for a bailout.
- Allows banks to eligible for bailouts to trade credit default swaps.
Citigroup wrote most of H.R. 992
- Banks Lobbyists Help in Drafting Financial Bills by Eric Lipton and Ben Protess, New York Times, May 23, 2013.
- See How Citigroup Wrote a Bill So They Could Get a Bailout by Erika Eichelberger, Mother Jones, May 24, 2013.
Contact your Senators here (search tool is in the top right hand corner)
White House phone number: 202-456-1111
Frontline: Money, Power, Wall Street, documentary, April-May 2012.
- Prevents a Department of Labor regulation that would force broker-dealers to have a fiduciary duty to their customers and act in their customer’s best interest
President Obama has issued a veto threat for H.R. 2374 but not for H.R. 992
H.J Res 99: Bring Back the Debt Ceiling Early
H.J Res 99 is the first step in the expedited process for bringing back the debt ceiling established in the law that ended the shutdown and extended the debt ceiling.
- The clause that brings back the debt ceiling is in Section 1002
- Details of the law were in CD049: Crisis… Postponed
How you can help the show...