The government could face another shutdown because of Wall Street. Many Democrats are upset with the possible repeal of a financial reform bill as part of the larger spending bill to fund the government.
At issue in the $1 trillion spending bill is the Dodd-Frank Act. In the financial reform bill, banks had to keep separate risky trades in the stock market from personal bank accounts. It’s believed that the risky trading by big banks before caused America’s financial collapse in 2008.
Republicans in Congress want to repeal the act to allow banks to combine trading and personal bank accounts. Liberal Democratic senator and Wall Street critic Elizabeth Warren opposes the action, and implored fellow Democrats to withhold support for the spending bill if the act is repealed.
“We’re trying to get it out of the House omnibus bill right now, ” she said. “That is where all the pressure is.”
Warren added that the repeal of the act would let “Wall Street gamble with taxpayer money.”
Another prominent Democrat against the repeal of Dodd-Frank is House Minority Leader Nancy Pelosi. Pelosi sent a strongly worded letter to fellow Democrats to vote against the bill.
“It is clear from this recess on the floor that the Republicans don’t have enough votes to pass the Cromnibus [omnibus bill]. This increases our leverage to get two offensive provisions of the bill removed: the bank bailout and big money for campaigns provision,” wrote Pelosi.
“However you decide to vote in the end, I thank those who continue to give us leverage to improve the bill,” continued Pelosi.
Despite criticism from the left, Republican Speaker of the House John Boehner believes the spending bill will pass and will benefit Americans.
“It protects jobs, it stops wasteful spending. In fact, we’ve now reduced overall discretionary spending some $176 billion since the 2010 fiscal year…it’s a good bill and I think it reflects the people’s priorities, and I’m asking the House to support it,” said Boehner in a statement.
The House needs 60 Democrats to support and vote for the spending bill. If there aren’t enough Democratic votes, the government could shut down December 11 at midnight.