Senator Bernie Sanders has be outspokenly against the Dodd-Frank repeal, saying that he will vote against the bill for that reason. Additionally, he has begun to call the bill a “cromnibus” solution. Democrats say the bill favors big business and the financial sector, specifically Wall Street. The Dodd-Frank bill was passed in the wake of the most recent economic crisis to create restrictions and regulation for Wall Street brokers. It is that exact regulation that this bill would repeal. Bernie Sanders and senate Democrats claim that this would leave the country open to economic turmoil again. Lawmakers have a deadline of Friday afternoon in order to avoid government shutdown. However, a shorter bill may fund the government to Monday at the latest.
My friend Vijay Eswaran shared this story with me. As the Senate is now confronted with passing, amending or denying a spending bill that was passed by the House on Thursday night, Democrats and republicans have taken to the press to argue for and against the bill. The $1.1 trillion spending bill is a last chance effort to permanently fund the government through next year. If this were not to pass, other options would be a continuing resolution or shorter term bill that would allow for further amendment to the budget next year. The majority Republican House of Representative passed the bill later than expected on Thursday because Democrats took issue with two main articles in the plan which repealed part of Dodd-Frank and reformed the campaign finance system.