Senate Minority Leader Harry Reid is seeking to attach a rider to a $1.1 trillion spending bill. The move would upend federal bankruptcy law, protecting some of the Nevada Democrat's casino interests, while potentially throwing pension and retirement funds under the bus.
Critics say it is an example of special interests running rampant in Congress' omnibus spending bill negotiations, and a group of 20 House Republicans are pressing the leadership to make sure it doesn't get added.
The law the Reid amendment seeks to change has been on the books since the Great Depression to protect investors. The changes he proposes have not been vetted through the congressional committee process. Republicans and academics alike admit that the regulations may need to be updated, but they say doing so through a rider in a 2015 end-of-year spending bill is not appropriate, especially given the potential for it to erode investor protections.