Whistling Past Dodd-Frank’s Graveyard

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Wall Street undoubtedly doesn’t especially care how this particular piece of legislative sausage got made. You know, the one where a spending bill got rid of that irritating Dodd-Frank derivatives rule they’ve been trying to get rid of since the day it passed? As it turns out, no one else particularly cares, either.

Representative José E. Serrano of New York, the ranking Democrat on the financial services subcommittee of the appropriation committee, questioned how a measure so important could be an amendment to a spending bill….

But when it came time for a vote, Democrats did not even bother asking that the names of those in support or opposed be recorded….

Mr. Serrano formally objected to the measure’s inclusion when the spending bills passed by the House were lumped together last week into one huge bill to finance virtually all of the government. Representative Maxine Waters of California, the ranking Democrat on the House Financial Services Committee, teamed with Representative Nancy Pelosi of California, the House minority leader, to try for one last stand.

But that effort was undercut by the White House, which did not want to risk a government shutdown, and by Senate Democratic leaders, whose focus was elsewhere.

A Window Into Washington in an Effort to Undo a Dodd-Frank Rule [DealBook]

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