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January 29, 2015

Warren vows fight to defend fiscal rules

“WASHINGTON — Elizabeth Warren celebrated her takedown of President Obama’s nominee for a top Treasury spot last week by signaling a readiness for her next battle: blocking those who meddle with the post-2008 financial reform known as the Dodd-Frank Act.

“The Republican-controlled House last week passed a bill that would further ease Dodd-Frank rules and sent it to the Senate, one of several changes approved in recent days. The Massachusetts senator and her allies in the Democratic Party’s liberal wing, who have turned into a viable threat to Wall Street, insist they will do their utmost to derail all rollback efforts.

“Divisions are expected to pop up, not only between Warren and Republicans in the new Senate majority but between Warren and centrist Democrats, who tend to view Wall Street firms more favorably.


“Wall Street and its lobbyists are framing their argument on Dodd-Frank as a demand for “technical corrections” to complex legislation.

“In the old days, you dealt with one regulator when you had an issue, maybe two, now it’s five or six,” said Jamie Dimon, chief executive of JP Morgan Chase, last week after reporting the bank’s fourth-quarter results. “You all should ask the question of how American that is, and how fair that is, and how complex that is for companies.”

“Either way, both sides now acknowledge her influence.

“Everybody is on alert to scrutinize claims that supposedly support Wall Street deregulation bills,” said Dennis Kelleher, president of Better Markets, a nonprofit that advocates for tighter financial regulations. “It is going to be far fewer than Wall Street had hoped. And there is no question that’s because of Elizabeth Warren.”


Read the full Boston Globe article by Jessica Meyers here

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