However, the 1603-page bill does roll back portions of the Dodd-Frank law due to go into effect next year by killing planned restrictions on derivatives by large banks, allowing those banks to continue trading swaps and futures in units that have a direct benefit from federal deposit insurance and Federal Reserve loans.
Both Obama and J.P. Morgan Chase and Company chief executive Jamie Dimon were calling Democrats to support this bill, which angered many Democrats. “It is very strange, very strange that the two of them would be working for the support of this bill,” said Representative Maxine Waters, the top Democrat on the House Financial Services Committee.
Being passed by 219-206 votes, 67 Republicans rejected the bill but that was offset by 57 Democrats who voted in favor. The passing of the bill increases government spending and dangerously supports bigger banks in their risky derivative trade.
Economists are saying that this could be the next set up for banks to continue over extending their risk trades- this trading contributed significantly to the 2009 meltdown
financial meltdown leading is into the “Great Recession” from which we still have not recovered.