http://www.rawstory.com/rs/2014/12/sen- ... to-pieces/" onclick="window.open(this.href);return false;“There’s a lot of talk lately about how the Dodd-Frank Act isn’t perfect,” Warren said on the Senate floor. “There’s a lot of talk coming from Citigroup about how the Dodd-Frank Act isn’t perfect. So let me say this to anyone who is listening at Citi: I agree with you. Dodd-Frank isn’t perfect. It should have broken you into pieces.”
Earlier this week, Warren accused Citigroup lobbyists of writing the provision, which she said was inserted into the $1.1 trillion bill at the last minute. Reuters reported that the measure has drawn criticism from both Democrats and more conservative Republicans, each of whom object to other parts of the bill.
“Many Wall Street institutions have exerted extraordinary influence in Washington’s corridors of power, but Citigroup has risen above the others,” she said on Friday. “Its grip over economic policymaking in the executive branch is unprecedented.”
Warren then mentioned that several current and former federal officials — including Federal Reserve Vice Chair Stanley Fischer and Secretary of the Treasury Jack Lew — are past Citigroup employees. She later accused the Treasury Department of blocking the Brown-Kaufman Amendment to Dodd-Frank, which would have placed limits on the size of financial institutions and broken up the country’s six biggest banks.
The proof of the department’s involvement, she said, was an unidentified senior Treasury official’s statement to New York Magazine in 2010 that, “If we’d been for it, it probably would have happened. But we weren’t, so it didn’t.”
BTW, Ganny, since you seem to struggle with this, this is a speech and not to be confused with an actual regulatory proposal.
