Tags: America's Forum | Grover Norquist | Dodd-Frank

Norquist on Spending: Small Victories Better Than Big Losses

By    |   Thursday, 11 Dec 2014 12:30 PM

The Dodd-Frank bill, which resulted in a sweeping overhaul to the financial regulatory system, includes provisions that are just as over-reaching as Obamacare, according to Americans for Tax Reform’s Grover Norquist, and the destructive parts of it need to be removed.

Appearing Thursday on Newsmax TV's “America’s Forum,” Norquist weighed in on the proposed $1.1 trillion government spending bill and Sen. Elizabeth Warren’s outrage over the changes to Dodd-Frank included in it.

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The Hill reports that Warren, a Massachusetts Democrat, is trying to “rally opposition” to the funding bill because tucked inside it are provisions that would allow large banks to “engage in the same risky trading that toppled the economy in 2008.”

If successfully rolled back, those banks would no longer be required to separate trades in financial derivatives from traditional bank accounts, which are backed by the government through the Federal Deposit Insurance Corporation.

“We are trying to remove some of the most onerous and destructive parts of Dodd Frank,” Norquist said. “This was actually a Democrat proposal because people who live in New York know how damaging and expensive Dodd-Frank can be to that industry. We need to look at Dodd-Frank in the same way that we look at Obamacare and take out the parts that are clearly destructive and replace both of those bills. Warren is right. This is the beginning of deconstructing a very bad, very destructive Obamacare for your bank.”

On Tuesday the Senate passed the spending bill and it was expected to be voted on in the House today.

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The best part about the proposed bill, according to Norquist, is that it preserves the sequester and keeps to the caps on spending.

“The big victory is keeping the sequester and keeping spending going down as a percentage of GDP on all domestic discretionary spending,” he said. “Big, big win.”

He also lauded slashing the IRS’ budget and some pension reform “that will actually save the government because pensions will go bankrupt.”

“Remember, the Democrats haven't allowed any bills to pass for the last two years so there are a lot of things here that have bipartisan support,” he noted.

Senate Majority Leader Harry Reid's power is waning, according to Norquist, and the spending bill is evidence that gridlock is beginning to loosen.

“This is progress,” he said. “Does this solve all the world's problems? No. The Democrats had to agree to it. Obama had to agree to it. We still, for the next two years have to live with Obama's veto. We're going to have a lot of small victories and we need to make sure we don't have any big losses.”

Republicans didn’t include a rider to the bill prohibiting spending on programs supporting President Barack Obama’s executive action on immigration because it would have been vetoed “and all of the important other things that were in the bill wouldn't have happened and we'd spend the next three months of next year arguing about the budget rather than moving on a whole series of issues, as well.”

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The Dodd-Frank bill, which resulted in a sweeping overhaul to the financial regulatory system, includes provisions that are just as over-reaching as Obamacare, according to Americans for Tax Reform’s Grover Norquist, and the destructive parts of it need to be removed.
Grover Norquist, Dodd-Frank
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2014-30-11
Thursday, 11 Dec 2014 12:30 PM
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