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The U.S. House is set to pass a $1.1 trillion spending bill that includes a banking provision opposed by many Democrats as a giveaway to large institutions.

Current funding for the government ends today, and the measure would finance most of the government through September 2015. The House also plans to pass a two-day stopgap spending bill to give the Senate until Dec. 13 to vote on the measure and avoid a government shutdown.

The banking language, insisted upon by Republicans, would ease rules enacted to protect taxpayers against bank losses after souring derivatives trades helped cause the 2008 financial crisis. The dispute over the banking rule is a preview of Republican plans to roll back other business regulations when they take control of both chambers in 2015.

The provision would put taxpayers back on the hook for Wall Streets riskiest behavior, House Minority Leader Nancy Pelosi, a California Democrat, said yesterday.

Though Pelosi opposes the banking provision, she stopped short of urging fellow House Democrats to vote against the bill, said a leadership aide who sought anonymity.

A deal on the measure was announced Dec. 9 after Senate Democratic negotiators accepted the banking rule changes and Republican demands on other policy provisions. Republicans oppose changes to the measure and said theyre not reopening negotiations.

House Republicans say they will have the votes to pass the bill without support from Pelosi because other Democrats, including retiring Representative Jim Moran of Virginia, are willing to back it.

House Speaker John Boehner told reporters yesterday he looks forward to it passing with bipartisan majorities in the House and the Senate in the coming days.

Senate opponents led by Elizabeth Warren of Massachusetts arent threatening to hold the bill up. Chief negotiator Barbara Mikulski of Maryland, the Senate Appropriations chair, is standing by the deal.

The banking provision would let JPMorgan Chase & Co. (JPM), Citigroup Inc. (C) and other lenders keep swaps trading in units with federal backstops.

Excerpt from:
Democrats Criticize Bank Plan in Spending Bill as Deadline Nears