Back at the beginning of the financial crisis in 2008, it was discovered that risky trading by banks and Wall Street execs caused the crash.
In 2010, a bill was passed called the Dodd-Frank Act, in hopes of preventing another crisis in the future. The bill included a provision that required banks to change the way they did derivative trading (which is what started the crisis to begin with) to reduce the risk of another government bailout.
Today, the US House of Representatives passed H.R. 992, a bill that will roll back those exact regulations put in place three years ago to prevent another crisis.
The kicker is that the New York Times is reporting that lobbyists for Citigroup (one of the banks that created the mess in the first place) made recommendations to adjust the bill – and 70 of the 85 lines reflect those recommendations. Citigroup is essentially writing its own rules.
According to GovTrack.us, Connecticut’s own John Larson, James Himes and Elizabeth Esty voted in favor of this bill, as did 13 of New York’s representatives and seven of New Jersey’s.