No. 2 Senate Dem: 'We've got a problem' if Dodd-Frank rider stays

Senate Majority Whip Dick DurbinRichard (Dick) Joseph DurbinOvernight Energy: EPA to regulate 'forever chemicals' in drinking water | Trump budget calls for slashing funds for climate science centers | House Dems urge banks not to fund drilling in Arctic refuge Democratic senators criticize plan that could expand Arctic oil and gas development Democratic senators ask DOJ watchdog to expand Giuliani probe MORE (D-Ill.) on Thursday morning slammed a provision in the pending spending bill that would repeal a piece of the Dodd-Frank financial reform law and expressed doubt that enough Democrats could support the package if that rider remains.

“I just spoke to Nancy Pelosi. The Democrats believe this is an odious provision that should not be included. Many of us feel the same way,” said Durbin, the No. 2 Democrat in the Senate, on MSNBC’s “Morning Joe.”

“[Speaker John BoehnerJohn Andrew BoehnerCoronavirus poses risks for Trump in 2020 Lobbying world Pelosi-Trump relationship takes turn for the terrible MORE (R-Ohio)] can take it out in the bat of any eye, and I hope he will. This provision should not be part of our budget bill,” he added.

Durbin said he “absolutely” agreed with Sen. Elizabeth WarrenElizabeth Ann WarrenThe Democratic nominee won't be democratically chosen Surging Sanders looks for decisive win in Nevada Bloomberg to do interview with Al Sharpton MORE’s (D-Mass.) assessment a day earlier when she railed against the swaps provision that would make it easier for banks to directly engage in derivatives trading.   

“It is amazing to me that we worked so long on a spending bill to keep government open and now Wall Street banks have parked themselves under the mistletoe and said before anybody can make a move, ‘We’ve got to get special treatment,’ ” Durbin said.


If the provision is not removed on the House side, Durbin said, “We’ve got a problem.”

Durbin suggested Congress might have to pass a continuing resolution (CR) instead of the “cromnibus” that would fund most of the government through next September. 

The Republicans should wait until they take the majority in January before pushing their conservative agenda, Durbin said.

“For goodness sakes, they ought to wait until we pass this budget bill to make other demands,” he said. 

The House is slated to hold a vote on the spending measure Thursday — the deadline to fund the government or it will shut down.

Lawmakers are expected to pass a short-term CR lasting only a few days to give the Senate time to consider the legislation and meanwhile keep the government open.

The Senate could vote on the spending bill Friday or over the weekend.

On the House side, the measure is expected to pass, but if only by a slim margin. Republicans need Democratic votes and many Democrats expressed tremendous concern on Wednesday over the Dodd-Frank provision and another that would loosen limits on campaign contributions to national political parties.