The ‘CROmnibus’ Is The Real Torture Report
[su_right_ad]The proposed Continuing Resolution/Omnibus spending bill, better known as the “CROmnibus,” is so tortured, it’ll make you beg for a little rectal feeding, but if the bill passes, your rectal meal will have to include white potatoes. That provision, which includes white potatoes as eligible for purchase in the Women, Infants and Children nutrition program, is one of many that are getting attention in the political press as saps to special interests. Along the same lines, the bill also contains a provision gutting the nutritional requirements for school lunches that First Lady Michelle Obama has championed. Also, remember how horrible Ebola was before the midterms? Well, the CROmnibus funds Ebola at half-a-billion dollars less than President Obama requested.
The provision that’s getting the most attention today, though, is a rollback of Dodd-Frank that would allow banks to put federally insured deposits at indirect risk. Barney Frank explained it in detail on the All In last night, but basically, there was already a rule that prevented banks from gambling with FDIC-insured deposits, but Dodd-Frank added a rule that said banks had to set up a whole other company to do their gambling, reasoning that risky derivatives could still sink a company with FDIC-insured deposits even if those deposits were not used in the trades. That’s the rule that the CROmnibus (not to be confused with the Romneybus, a luxury party bus that plays the chorus of “Who Let The Dogs Out” on a loop and always gets there just behind another bus) aims to repeal, and Sen. Elizabeth Warren (D-MA) is pissed about that. She took to the Senate floor yesterday to ask the age-old question, “Who does Number Two Work For?”…READ MORE[su_csky_ad]WLOS[/su_csky_ad]