The GOP’s devious Wall Street welfare plan: Why the future of the economy hangs in the balance

Congressional Republicans are preparing to hold vital legislation hostage in order to ram through deregulation

David Dayen

You wouldn’t know it, but this is a consequential week for the future of financial regulation, and in a larger sense, the future of the economy. Republicans have pulled out a successful playbook, and are planning an assault on Wall Street regulations. They’re doing it with the avowed support of a lingering faction of conservative Democrats. And the level of that support, which will be tested in House votes this week, is key to the success of the plan.

The game plan is simple: stick as many riders onto two must-pass bills as possible, holding them hostage to conservative ideology. The bills include a long-term reauthorization of the Highway Trust Fund, which expires shortly, and a package of appropriations bills to keep the government funded, which have a deadline of December 11. Even if the Obama Administration forces some riders out, plenty of other policies would pass into law that would never have a shot on a straight-up vote.