How Congress Rolled Back Wall St. Reforms — In 3 Easy Steps
Citigroup wrote a bill, and a House Republican tucked it into the must-pass spending bill. Then President Obama and JPMorgan's CEO made a few calls.By Zach Toombs | December 14, 2014
"It is an indisputable fact that one of the most significant contributors to our economic downturn was a unraveling of major financial institutions and the lack of adequate regulatory structures to prevent abuse and excess," President Obama said from The White House in 2009.
It's been five years since widely-popular reforms came to Wall Street, meant to clean up a mess that helped cause 2008's financial crash.
But Saturday's midnight hour passage of a spending bill that avoids a government shutdown also rolled back key parts of the Dodd-Frank reform package — without any real debate and with a lot of help from Wall Street itself. Here's how it happened. (Video via C-SPAN)