it has been around since dodd frank passed. into other put bills. was part of the appropriation negotiation for several months. the senaterd from appropriation negotiators was that republicans came to them frankix or seven dodd changes. this was the one they could handle. they let it stay in the bill. host: let me ask you about another player. , the chief executive at j.p. morgan, wall street wins a round in the fight. guest: he was calling on lawmakers to vote for the spending bill. where up a funny parallel president obama and jamie dimon were within votes for the same bill. the white house supports dodd frank. they do not want to see changes to dodd frank. they felt the provision was narrow enough and not central to dodd frank, so they felt like they could support the spending bill and deal with the provision. host: why such a dichotomy? part of the reason they walked back on it was because a lot of regulators have come out and said they are not sure this provision makes the financial system safer and that it would cost banks a lot of money. is i

buried deep inside, changes to dodd frank. the reform bill passed in the wake of a financial crisis, critics say it will be easier for banks to gamble with taxpayer money, your money. we begin our look at dodd frank and the changes to it in this report from patricia sabga. >> j.p. morgan chief jamie dimon, personally telephoned rlg representativerepresentatives o. had opponents crying foul. >> wall street is the result of citigroup and the other wall street companies now can continue to engage in reckless derivative speculation. >> derivatives that bet heavily on the future of the housing market. the dodd frank provision was designed to make sure federally ensured banks do not put taxpayers at risk when they engage in excessive speculation. >> they're all the more likely to engage in more risky trading in higher volumes. >> while the white house does not support rolling back such legislation, it's willing to live with it to get a spending bill in place. >> big banks have spent millions lobbying congress to repeal regulations t

it has been around since dodd frank passed. into other put bills. it was part of the appropriation negotiation for several months. the senaterd from appropriation negotiators was that republicans came to them frankix or seven dodd changes. this was the one they could handle. they let it stay in the bill. host: let me ask you about another player. , the chief executive at j.p. morgan, wall street wins a round in the fight. guest: he was calling on lawmakers to vote for the spending bill. where up a funny parallel president obama and jamie dimon were within votes for the same bill. the white house supports dodd frank. they do not want to see changes to dodd frank. they felt the provision was narrow enough and not central to dodd frank, so they felt like they could support the spending bill and deal with the provision. host: why such a dichotomy? part of the reason they walked back on it was because a lot of regulators have come out and said they are not sure this provision makes the financial system safer and that it would cost banks a lot of money. is

dodd and mr. frank, the authors of the dodd-frank bill, said this was never the intention of dodd-frank and has poken in favor of some kind of reform for that in the future. so this is a good piece of legislation, and i'm a little, you know, concerned that my colleagues think that it's in jeopardy. the only reason it would be in jeopardy is if our colleagues on the other side of the building decided they don't want to re-authorize tria. that's certainly a decision that would be made on their own. again, nothing in this bill has not -- is policy that has not been considered in this body in the future -- in the past. so mr. chairman, i encourage my colleagues to support this rule. we need to move this forward. time is running short, and the marketplace needs that certainty. i'm confident that we'll pass this bill in the house today and we are going to encourage our folks over in the sfat to ratify that and we hope -- in the senate to ratify that and we hope the president of the united states will bring ce

the dodd-frank bill passed a couple years after the financial crisis. we're heading into 2015 with this debate over whether this language needs to be inserted into the spending bill tonight. i mean, have we made enough progress? is it -- what do you think the verdict is thus far on dodd-frank as a bill, as its function of overhauling the problems in the financial system? >> well, i think you said it's about half finished. it's a work in progress, which is unfortunate because it's 2015. it's only about half finished. the pieces that have been done, there's been a lot of complex y complexity, a lot of exceptions, a lot of lack of transparency, which comes with complexity. so even the pieces that have been finished, how well they will work is very much an open question. again, i just wish we'd had more people with determination and resolve to finish this and finish this in a way that's effective and protects the public so we never see 2008 happening over again. >> we'll leave it right there. sheila bair, thank you. up next, talk about bad weeks. from lawsu

i agree with you, dodd/frank isn't perfect. it should have broken you into pieces. >> those are certainly fighting words there. is this battle over yet? and by the way, the singling out of citibank. are you comfortable with that? >> no. and there are provisions in here i would much prefer not be in this. but remember, omnibus is the end of the year bill where a lot of unfinished business is included in it. it's a compromise between the democrats and republicans. i am concerned about maintaining the strength in dodd/frank to go after the reckless practices of financial institutions. i would much prefer to see that in separate legislation debated on the floor of the senate and not included in this bill. >> you heard my colleague kristen welker at the white house saying sweeteners were put in, sir. do you know who put in the dodd/frank sweetener? >> no, i don't. i really don't. i know there have been bills sent over to us from the house that contained modifications in dodd/frank. we certainly knew that the republicans were trying

dodd-frank isn't perfect. i'm the first to admit that are ways to change it and improve it and implements its provisions that why have yet to be fully implemented. but changes to financial regulations should be done through a much more transparent process, in the public eye we should debate these issues on the floor of the house and the senate, openly. it should not be done like this was, behind closed doors and definitely not through what they call a must-pass omnibus bill. this is wrong. and so here we are, in the last moments on an omnibus spending bill with a provision that goes to the heart of protecting american taxpayers from the risky, reckless schemes that helped launch the crisis in the first place. this provision is literally called the prohibition against the federal government bailouts of swap entities, which ensures taxpayer dollars will not be used for the more risky wall street speculation and gambling. americans, it looks to do, to make sure that americans are on the hook for the risky gamblin

some of the things on this bill, particularly the gutting of dodd-frank, the democrats are right though -- both as a matter of strategy and substance. >> it appears to me both sides went in today thinking boehner was going to find the votes to do it. under normal circumstances, a speaker with a speaker with the bigger majority coming and could have found the votes but the president not have moved any house republicans from yes to knowno, but i think he froze the pool of available house republicans who might have been convinced to have their twisted by the speaker to vote for it. now the whole thing is up in the air. they got to a the government is going to shut down and federal agencies are being warned maybe there will be a shutdown. >> though you think the game is the president is not going to make perfect the enemy of the good. nancy pelosi might be able to get these provisions stripped out in the next week. this letter -- i forget who now -- sherrod brown on the banking stuff, they might be able to fix this bill and get a better bill . >> house republicans support would collapse and

dodd-frank isn't perfect.o 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. what are you doing? the dishes are clean. i just gotta scrape the rest of the food off them. ew. dish issues? cascade platinum powers through your toughest messes better than the competition the first time. cascade. now that's clean. >>> on december 1st, our friends at the fox news channel, they knew that this thing was about to be done. >> so you see a couple more days on this? maybe this week? >> i think passed this week, that will be it. >> that was december 1s on the fox news channel. turns out, what they were talking about wasn't it. it wasn't over. our friends at fox were talking about the protests, about police killings of black men. back on december 1st, they were sure that these protests were about to peter out. turns out, fox news channel did not have their finger on the pulse of the protesters. this weekend, the justice for all march is sch

dodd-frank isn't perfect. it should have broken you into pieces.this congress is going to open up dodd-frank in the months ahead, then let's open it up to get tougher, not to create more bail-out opportunities. if we're going to open up dodd-frank, let's open it up, so that once and for all, we end "too big to fail," and i mean really end it, not just say that we did. instead of passing laws that create new bail-out opportunities for "too big to fail" banks, let's pass braun kauffman, the bipartisan 21st century glass steegel act, a bill i've proposed with john mccain, angus cane and maria kant well, let's pass anything that would help break up these giant banks. a century ago, teddy roosevelt was america's trust-buster. he went after the giant trusts and monopolies in this country and a lot of people talk about how those trusts deserved to be broken up, because they had too much economic power. but teddy roosevelt said, we should break them up because they had too much political power. teddy roosevelt said, break them up because all that concentra

i agree with you, dodd-frank isn't perfect.en you into pieces. >> senator elizabeth warren speaking on the senate floor earlier tonight. so there has been a little drama in congress. last night at midnight the government was set to shut down. the government was funded through last night at 11:59 p.m., and if congress didn't pass something to keep the government funded thereafter, we were due to have yet another government shut down. oh, hi, ted cruz. and there were so many defectors in the house, and suddenly as a surprise, there were a ton of democratic defections as well. john boehner was counting on democrats to get all the votes he was going to lose from his own side to get that passed. for a long time yesterday it looked like he would not have those votes. the house was telling democrats they should vote for it, and one of the people making calls to house democrats telling them to vote for it yesterday was jamie diamond, the head of jpmorgan test. when he calls and tells you to vote on something, is that a signal you shoul

talkingthe callers dodd a rollback of. frank.'m trying to find the specific amendment and am having trouble. it doesn't apply to the really large banks. applies to the smaller banks, tried to make life easier for them. the other comment i would make callers in the discussion here have talked about the fact that the house most of the annual appropriation bills. however, they have harry reid preventing the senate from even voting on them. that is why we are in this last-minute deal for an optimist bill. -- omnibus bill. unions, aent on the lot of discussion on that. these are private unions eared these are not government unions. there are a lot of people who -- the facto have that the companies and the unions and management agreements because they did not make enough agreements to put enough money into the fund to pay for the retired employees. they want the government to bail them out. two georges earlier point, the related piece in the post today. -- to george's earlier point, the related piece in the post today. that is in the "

elizabeth warned lead the dodd frank rollback. led thebeth warren opposition to the dodd frank rollback. postponing action on the spending bill until next year would not have been good for either party. republicans were eager to get the package behind them so they can start 2015 with a fresh agenda. it' steve scalise said the boat set the stage for the battle with the president over his immigration action. we want to hear from you this morning. what do you think the senate should do? what do you think of the house passed bill? cq roll call, what is happening in the senate today? now that there was the agreement that you just discussed and the house has mnibus the so-called cro spending bill, what we are one -- what we are going to see first, there is going to be some end of the year business. we are looking forward to the ,arewell speech from carl levin the democrat from michigan, the armed services chairman who is retiring. notee starting off on that by the looks of it this morning. his last big bill, the defense authorization is

this bill puts dodd-frank in check. if you're concerned about the overregulation of the financial services industry, this bill challenges dodd-frank. this bill supports our troops. we still have troops in harm's way all over the world. this bill supports them and actually increases their pay along the way. this bill puts the e.p.a. in check. the e.p.a. has tried a back door power grab on putting lead -- a ban on lead in ammunition and fishing tackle. that is spg that would increase the -- that is something that would increase the tough and make it much, much tougher for the person to enjoy the great outdoors. this bill puts that in check. this is a good yes vote and i urge my colleagues to support it. the speaker pro tempore: the time of the gentleman has expired. the gentlelady from new york. mrs. lowey: mr. speaker, i yield two minutes to the distinguished gentleman from pennsylvania, mr. fattah, ranking member of the commerce, justice and science appropriations subcommittee. the speaker pro tempore: the gentleman fro

it would put things exactly back where they were before dodd frank. so it is a really outrageous debate. it didn't get debated on the house floor. it was put in in the last minute. it is from the lobbyist's desk directly to the house of representatives. if this goes through, then democrats, i'm not sure how they can call themselves that. nancy pelosi has to wlim this vote for it to go through. they need 218 votes. if she does, there will be a lot of questions. >> now congresswoman, it seems also that they did didn't push, they didn't bark, let's say, around immigration but they're barking around immigration reform. >> this is where the real money is. the lobbyists are swarming all over capitol hill. and joy is just right. a heads i win, tails you lose kind of situation. and the only ones at risk would be the taxpayers. so this is a big deal for those who want to curry favor with the wall street donors. and the american people stand at risk again. people who had money in their 401(k)s. workers were, so many jobs, millions of jobs lost and they want to

dodd-frank isn't perfect. it should have broken you into pieces. if this congress is going to open up dodd-frank in the months ahead, then let's open it up to get tougher, not to create more bailout opportunities. if we're going to open up dodd-frank, let's open it up so that once and for all we end too big to fail, and i mean really end it, not just say that we did. instead of passing laws that create new bailout opportunities for too big to fail banks, let's pass brown-kaufman. let's pass the bipartisan 21st century glass-steagall act, a bill i proposed with john mccain, angus king and maria cantwell. let's pass something, anything that would help break up these giant banks. a century ago, teddy roosevelt was america's trust buster. he went after the giant trusts and monopolies in this country, and a lot of people talk about how those trusts deserve to be broken up because they had too much economic power. but teddy roosevelt said we should break them up because they had too much political power. teddy roosevelt said break them up because all tha

and that was part of the dodd-frank reform. we don't want them playing with this is what the dodd-frank legislation said if it involves american taxpayer dollars insu insuring those transactions because they are at the very least risky. >> how often does a member of a particular industry, in this case citibank, have a hand in writing the legislation that would govern said industry? >> well, if you are to assume that they did in fact actually do the writing, and some people said that they did. others have said no. they're part of putting it together as they often are. that's what often happens. let's say you have petroleum legislation coming in, legislation on healthcare, you'll get experts in that field to help you draft that. you'll have people in that industry working on it. and in terms of how hands on it was, i can't answer that. i do know that they had undue influence at a late hour in the crafting of this legislation. >> so why would this particular roll back do? for example, does it roll back activity that was key to the

that's part of the legacy of dodd frank. all of a sudden, as we implement standards on credit cards, we are finding the dreaded annual fees to come back. many perks are leaving. free checking is becoming a thing of the past. i think in terms -- my particular congressional district, certainly not a mic microcosm. i represent an urban, suburban area. my 435th of america, the average working family is worse off with their household finances than they were four years ago. i would just say at some point, and i'll end on this. the sheer weight, volume, complexity, uncertainty of the regulatory burden slows economic growth. that's what we're seeing today. i hope 2 to 2.5% gdp growth doesn't become our norm. everyone if regulators get it totally right. i'm thinking in terms of my fifth grade son and seventh grade daughter. when every teacher gives homework on the same night, it doesn't all get done. when regulators pile regulation on top of regulation, it is harmful to economic growth. it's usually our small businesses, our innovato

he will take the naked cowboy spot in times square if you get rid of any part of dodd-frank. take that to the bank. cheryl: anyway, moving on -- >> speaking of job losses. cheryl: hang on to your belts everybody. ads for obama care will appear on 7-eleven receipts at stores nationwide. ask for obamacare on the receipts from 7-eleven? >> they clearly understand the messaging power of the 7-eleven reit. cheryl: 7-eleven customer. >> they haven't hit enrollment numbers as much as they wanted to. someone brought this to my attention. if we gave every american a million dollars to pay for health care, we would have saved $700 billion to avoid passing obamacare. this thing is failure on every level. everything done from this point forward is nothing more than marketing and putting lipstick on a pig. >> what will they say about it? cheryl: try to sell it, to low income 7-eleven customer. >> real story is basically partnered with the company that does receipts for 7-eleven and part of the pay stub thing they market messaging on bottom of the receipt. >> obamacare is good? >> don't fo

this is why we did dodd frank. provision will prevent another massive tax-payer funded bailout on wall street. >> this is a handout to the big banks. senator warren made this clear earlier again today. >> to republican leaders in the house, i would ask this, you say you're against bailouts on wall street. i've heard you say it again and again for five years. so why in the world are you spending your time and your energy fighting for a provision written by citigroup lobbyists that would increase the chance of future bailouts? why in the last minute as you head out the door and a spending bill must be passed are you making it a priority to do wall street's bidding. who do you work for? wall street or the american people? >> the fact citigroup literally wrote the provision is absurd, don'ts you think? this is what happens when big money buys big lobbyists in washington, d.c., the banks own the senate. despite the crash of 2008, this country hasn't learned anything. to reverse the roles here a little bit. to put it in

this bill puts dodd-frank in check. if you're concerned about the overregulation of the financial services industry, this bill challenges dodd-frank. this bill supports our troops. we still have troops in harm's way all over the world. this bill supports them and actually increases their pay along the way. this bill puts the e.p.a. in check. the e.p.a. has tried a back door power grab on putting lead -- a ban on lead in ammunition and fishing tackle. that is spg that would increase the -- that is something that would increase the tough and make it much, much tougher for the person to enjoy the great outdoors. this bill puts that in check. this is a good yes vote and i urge my colleagues to support it. the speaker pro tempore: the time of the gentleman has expired. the gentlelady from new york. mrs. lowey: mr. speaker, i yield two minutes to the distinguished gentleman from pennsylvania, mr. fattah, ranking member of the commerce, justice and science appropriations subcommittee. the speaker pro tempore: the gentleman fro

republicans are taking aim at dodd-frank.eakening the law is one of the toplican congress' priorities. dean baker, the founder of the center for economic and policy research. let's start with elizabeth warren. she has made wall street public enemy number one. what do you think? >> it has been striking. the big issue that senator warren was raising was this item in the omnibus bill that passed that took away a provision dodd-frank requiring big banks to pull out their derivative trading divisions are you a have to separate them from the insured bank. this was slipped in at the last minute and senator warren set this was a giveaway to the banks. citibank's lobbyists had written the legislation. she could not stop the bill. the democrats were divided on it . the republicans mostly supported it. it was laying down a marker. she is going to fight tooth and nail. we will see big battles in the year ahead. >> i want to share comments she made on the senate floor last week. >> there is a lot of talk lately about how dodd-frank is imp

the roll back of this provision in dodd-frank was not the only provision to raise eyebrows. let's go through the other items and look at where they come from and what it could mean. the first one is campaign finances. we talked about this yesterday. individual donors would be allowed to donate ten times more to political parties. now mike, where did this come from, and what could it mean? this is what people hate about washington and this is many people ran on. they lump it all together, give it a cute name. it was omnibus last time. now cromnibus, don't ask why. i'll tell you one thing about the game finances. you're going hear democrats and republicans scream about it. but a lot of them don't mind at all. you know why? in the wake of citizens united, and the rise of the super packs, and the rise of the dark money, this is going to allow the parties, the parties, the official rnc, the dnc and official parties that help the house and senate get re-elected and elect their candidates, this will gain strength and that's something that all want to see. >> that's good information

i agree that dodd/frank isn't perfect. it should have broken you into pieces. >> that video has been watched 500,000 times. elizabeth warren has insisted that she's not running for president, but some ri hillary clinton supporters insist that the assertions about economic policies between warren and clinton are not spored by fact. serving as special council to former president, bill clinton, he's secure considered one of te biggest clinton supporters today. welcome to aljazeera america. >> one of the best political reporters that i ran across, you did hound me. >> thanks, larry. and first of all, hillary clinton, she's running for president, right? >> i honestly do not know, and if i knew, i probably wouldn't tell you anyway, but i really don't know. i think she's seriously looking at it, but with a granddaughter and all that she's it going to have to give up to run for president, and much less be president, is weighing heavily on her, and she's still thinking about it. >> what do you think are the similarities and the dit

the american people should ask all their senators and house members is how is it that you allow dodd/franko be repealed without even hearing, without even a bill being introduced which would be passed by either side. it has no place in any event since it's an authorization since it's separately legislated. and people want to ask questions about the power of the banks. these are the big banks that we're talking about here. they were able to get the repreel which was aimed at protecti protecting big costs. any of these large banks bet the wrong way, we've got to bail them out. if we didn't bail them out, the whole economy would be damaged. so we repealed. not with my vote but nnls was recently repealed. the provision right at the top of it said this provision is to end the hair, with apparently one of the big banks even writing the language for that amendment. >> this issue divided the caucus and america us mariota. i mentioned maxine waters, but a number of democrats, nancy pelosi for that matter, they're making phone calls to get elm dids lined up to support this. we're doing that because

portion that would roll back some of the dodd frank financial regulation laws. elizabeth moran urged her colleagues to join her in opposing the rollback of the financial rules. officer: the senator from massachusetts. ms. warren: mr. president, yesterday came to the floor to call on house democrats to withhold their support from the omnibus spending bill until one provision is removed. the provision was slipped in at the last minute to benefit wall street. in fact, it was written by lobbyists for citicorp. that provision means big money for a few big banks. it would let derivatives traders on wall street gamble with taxpayer money and when it all blows up require the government to bail them out. just to be clear, i want to read the title of the part of the law that will be repealed if this provision is not stripped out of the omnibus. the title: "prohibition against

it was a basic tenet of dodd-frank we would never do that again. that has now been -- will be undone. it's been only five years since the start of the great recession, and economies made great stride and 10.9 million private sector jobs in the last six to seven months, but passing this bill would risk erasing those strides by steering us on a dangerous path toward another recession. the former chair of the house financial services committee, barney frank, released a statement this week calling this inserted provision a, quote, substantive mistake, a terrible violation of the procedure that should be followed on this complex and important subject, and a frightening precedent that provides a road map for further attacks on our protection against financial instability. he continues, ironically it was a similar unrelated rider put without debate into a larger bill that played a major role allowing the irresponsible unregulated derivative transactions to contribute to the crisis. he he's referring to the crisis of 2008. he's warning us, he's imploring u

>> we are, and dodd-frank did not end that. so i'm not actually for piecemeal reform of dodd-frank.do think it did not address the problems in the crisis. dennis was quite correct saying it's got to be the risk you're looking at. where i would disagree is to me what happened is we had a huge housing boom and bust that caused a recession. we lost 2 million jobs before september 2008. we were in a recession by the time of the financial crisis. and so whenever i hear something smb say, "well, we don't want banks gambling with derivatives," i don't want banks with shoddy mortgages and we're going down that road again. that's riskier than a derivative. banks lost billions on their fanny and freddie holdings of prefersed shared. we didn't make them push that oát. i'm concerned rather than say let's shrink the safety net, we get in political arguments over this constituency, that's bad because wall street likes it, but because the realtors and home builders like this, that's okay. that's the debate we're inç today. to me we need toned all the bailouts. >> sreenivasan: mark calabria, denni

before potential government shutdown, a gop attempt to ram through a spending bill that guts the dodd-frank financial reform, has stalled. right now, house democrats are meeting behind closed doors to discuss the bill. it's been a wild day. this morning, speaker boehner said he was confident he had the votes, and he dismissed concerns about wall street give-aways. >> why should big banks be able to trade derivatives and have their risks covered by us, the taxpayers? >> i don't believe that to be the case. [ inaudible ] >> i don't believe that your description of this is the case. >> but then, house democrats united to nearly derail the bill from even getting to the floor. >> blow a major hole in the dodd-frank bill, putting taxpayers on the hook for some of the riskiest behavior of wall street institutions. >> haven't those mega banks hurt america enough? and what is this doing in this bill? >> what is it doing on an appropriations bill, except to be -- have this bill be taken hostage. this is a ransom. this is blackmail. you don't get a bill unless wall street gets its taxpayer coverage. >

you know, there's a lot of talk lately about how dodd-frank isn't perfect. there's a lot of talk coming from citigroup about how dodd-frank 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. >> welcome to "morning joe." all morning we'll take a look at the year that was. >> we'll be starting with somebody who not only made headlines this year but likely to continue making waves in 2015 and beyond. >> i do have to call her madam president. >> oh, stop. don't go david muir on me. >> you told me i had to call her madam president. >> it's feeling i have. nothing she would talk about today quite frankly. we'll talk about your book. how are you >> i'm doing great. >> so reading this i learned so much about you as a person and what formed you. but this interesting strain that starts a little bit as your adult life is just beginning, this obsession, this mad obsession with bankruptcy. you were -- you never let go. you were like a jack russell holding on to -- your o

i agree with you, dodd/frank isn't perfect.eces. >> reporter: should have broken you into pieces, tough words there from senator warren. citigroup has taken a little bit the fall on this. and now you also have some republicans accusing warren of being the ted cruz of the left. >> interesting. kasie hunt, thank you very much from the white house. >>> a clean-up effort is under way this weekend after a powerful storm slammed into the west coast. several homes near los angeles are buried under rock and mud. the storm drenched southern california which has been desperate for water. nbc's miguel almaguer is in camarillo, california, with a situation that we saw earlier as being such a mess. still is. hey to you. >> reporter: good morning. there's at least ten homes that have red tagged. many more destroyed. the damage here will be in the tens of millions of dollars when you figure the clean-up for this community. the rain started coming down friday morning around 2:00 a.m. the fire department came through with voluntary evacuations.

and pulling derivatives out of the protection of dodd-frank and inserting it into the insurance of fdicdo you know they're both right on this issue? they are absolutely both right. and the president and the house and senate are utterly wrong. do you agree? >> i just did that to see if you -- >> i agree and i think it's outrageous for citibank to be able to take two paragraphs and stick it in a bill. you have a 1600 page bill. nobody knows what was in that bill. i'm becoming an advocate that if you want to vote on a bill, you have to read it and sign it. >> and have time to read it. >> but you have to wait to 2015 for regular order, the hearings -- >> we don't need the 1600 page bills. we certainly don't need appropriations the last week of a long session of congress. they need to get back to basically spending money in an appropriate period where people know what's in the bills. there's so much junk in the bills, by the time they finish there will be three rewrites. >> vitter made it pretty clear. i think he's one of the smartest guys in the senate. he's one of the most effective. he ma

a agree with you, dodd frank isn't perfect. broken you into pieces. >> the worse part is the 114th congress isn't going to be looking any better. mitch mcconnell is gearing up to take charge next month when the new gop takes over. on tuesday he gave us an idea of what his priorities are. >> we'll be starting next year with a job-creating bill that enjoys significant bipartisan support. first item up in the new senate will be the keystone xl pipeline. >> which is not a job creator, not for the long hall. he also gave us a taste how he will run things. >> i will hope that senators on both sides offer energy-related amendments but there will be no effort to try to micromanage the amendment process. >> mcconnell says he's ready to use his new position to bull doze any opposition to keystone. president obama has signalled he will veto that. bottom line the first item isn't a jobs bill, it's manufacturing a confrontation of the president of the united states for the first month of the republican-controlled congress. joining me now se

some liberals were calling a gutting of the dodd frank reforms.t was written by citigroup lobbyists. they show the same language copied from the draft and inserted boy congress to the final bill on the right. gerald nadler of new york came face-to-face with the decision and voted against that bill. congressman, tell me why. >> it was a terrible bill in many respects. the two special interest provisions, the so-called put out provision that enables banks -- the four big banks, they get 93% of this. you are not talking small banks. citigroup and jpmorgan enable them to make that with taxpayer guaranteed funds. this will a, mean if they make monwhich they often do, it's their money, if they lose the money, taxpayers bail them out. this was a dangerous trading that brought the economy down a few years ago and we had to bail them out if we were not going to keep the economy. we tried in the bill to say you can't do that. we want to restrict this trading and one of the ways was saying you risk your own mone not tax bayer guaranteed and deposits guarante

>> it gives a term of art used in dodd-frank, although it is still defined. i suppose you could argue it. regardless of the investment banks i feel that we are making some of this name is takes a day that we made leading into the crisis and i want to make that point. certainly by fiat or internal management decisions we do have far stronger balance sheets than we did at one time. but i question at some point that you cannot have economic growth without some risk taking. and so i'm still not sure at what point do the federal regulators regardless of how a enlightened they may be, to decide what is this and what is bad financial intermediation. not too long ago apple was floundering in one of the large indefinite banks and took a risk on apple and now we kind of know where that has all led. what that happened today two i don't know. it's a ridiculous example because we don't now. but i suppose you could make the case that north korea has a very stable economy. zero economic growth is very stable. so i don't think it's something we care to emulate. >> would you

dodd-frank is imperfect. let me say this to anyone who is listening at citi. i agree with you. dodd-frank is imperfect. it should have broken you into pieces. >> she introduced in a minute that would have stripped the citigroup provision from the spinning growth -- bill but it was left out. increasing tenfold the amount of money allowed for certain political donations. the bill also strips millions in funding for the environment of protection agency and approves cuts to retiree benefits at some multiemployer pension plans. the senate passed a measure 56-40 in a rare saturday night vote. president obama is expected to sign the bill after urging lawmakers to approve it. speaking ahead of the senate's approval, obama called the bill a compromise worthy of support. >> this by definition was a compromise bill. this is what is produced when you have be divided government that the mecca people voted for. >> the bill sets up a new showdown over immigration, with republicans winning an effort to fund the department of

they're trying to undermine dodd-frank. they've been trying to get rid of dodd-frank piece by piece. we have to fight it every day. i am not going to let the people down. democrats are not going to let the people down. we're not going to vote for anything that's going to give the store to the biggest banks in america one more time. the speaker pro tempore: the gentlelady's time has expired. the gentleman from kentucky -- the gentlelady from new york. mrs. lowey: mr. speaker, i'm very pleased to yield one minute to the distinguished minority whip, mr. hoyer of maryland. the speaker pro tempore: the gentleman from maryland, the minority whip, is recognized for one minute. mr. hoyer: thank you, mr. speaker. ever aker, and members, since the conference report was reported out, leader pelosi and i have told everyone how objectionable the two provisions that have been discussed are on our side of the aisle. we think they should not be in an appropriation bill. we think that they should be considered on their merits or demerits. u

after the financial crisis, congress passed something called dodd/frank.o keep anything like what happened to the economy in 2008 from happening again. one of those regulations said to the banks, hey, you know those incredibly risky trades you were doing that almost made the economy implode -- oh, that did make the economy implode, the federal government is not going to ensure those trades any more. you can do them yourself if you want, but they're not going to be insured by the taxpayers. you have to keep those separate from the rest of your business. house republicans in the big budget bill they released last night decided to take that rule change away. they decided to tell the banks that, yeah, the american taxpayers would be happy to once again underwrite that kind of high risk trading. taxpayers would love to be on the hook for that again. the house is set to vote on this legislation tomorrow. democratic leader in the house nancy pelosi says she wants this provision stripped out of the bill. she wants it in no uncertain terms. elizabeth warren railed

we protected the consumers and the american people in dodd-frank, and we need to continue to protect i just feel so good about where we are as democrats, showing the american people that we are prepared to go to the mat for them. >> i guess one of the motives amongst the democrats, because i was thinking about it today, you have paid the price politically, ever since 2009 for all the bailouts. the republicans have rubbed it in your face. they caused the corruption of wall street. they protected it by deregulating. and then the democrats bailed out wall street so they could bail out the country's economy. and then they shoved it back at you and said you were the bail-out party. >> well, i think that's right. i think we're sensitive to that. like i said, we held our noses and voted because we knew we needed to save the american economy. we knew they had taken retirements, homes, our future. we're not doing that again. and the american people need to know that, they need to hear this loudly and clearly. we are not doing it again and we're not going to stand by while republicans in this