Statement of MASSPIRG Executive Director Janet Domenitz Opposing “CRomnibus” Appropriations “Rider” to Repeal the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act

Media Contacts

“Rider” Written By Citibank Would Allow Risky Swaps To Be Bailed Out


“We join others, including Americans for Financial Reform, the Leadership Conference on Civil and Human Rights (joint statement) and Public Citizen, in condemning this backdoor, backroom budgetary effort to repeal the Wall Street reform law’s protections for taxpayers and Main Street from the riskiest derivatives swaps that led directly to the 2008 financial collapse, a taxpayer bailout for banks and a recession for everyone else. Wall Street should not be allowed to return to betting and gambling using insured deposits and other taxpayer subsidies and guarantees. Don’t some in Congress remember that five years ago, Wall Street’s unregulated casino economy ended badly when millions lost homes, millions lost jobs and millions more lost trillions in retirement savings? As Massachusetts Senator Elizabeth Warren said this week, “We can’t just let them slip in grenades that blow up pieces of financial regulations.” If this budget rider, which the New York Times reportswas largely written by Citibank, is allowed, they will.”