On the recordDecember 12, 2014
This is the title of the provision, 716, that this bill repeals: ``Prohibition Against Federal Government Bailouts of Swaps Entities.'' Now to quote from that section: (A) Prohibition on Federal Assistance--notwithstanding any other provision of law (including regulations), no Federal assistance may be provided to any swaps entity with respect to any swap, security-based swap, or other activity of the swaps entity. That is what is being repealed. So Wall Street, as a result of the work of Citigroup and the other Wall Street companies, can now continue to engage in reckless derivatives speculation. And when they make a whole lot of money, they get richer. But when they lose money, because of the repeal of this provision, it is the taxpayers of this country who have to bail them out. Does anybody--anybody--think that makes any sense at all? That is in this bill. So for those reasons and more, I would hope very much that the Senate rejects this agreement and that we renegotiate. No one wants to see the government shut down, but we must negotiate an agreement that is much fairer to the American people and to the working families of our country. With that, I yield the floor. The PRESIDING OFFICER. The Senator from Oklahoma.
