Wall Street Had a Merry Christmas. The New Year's Still Up For Grabs.

That gets us to the Fed's decision. The Volcker Rule was designed as a milder alternative to the Glass-Steagall protections that kept our banking system safe for nearly 75 years. It limits banks' ability to gamble on risky investment instruments like those which contributed to the financial crisis.

The "Citigroup" amendment showed us how likely the new, more Republican Congress is to roll back portions of the Dodd-Frank law -- and how much cooperation it will receive from Wall Street Democrats when it does.

It's easy to be angry at the Fed, and it's often understandable. An institution created by the American people to serve the greater good has instead become enmeshed in the banking industry it was meant to regulate. (See "The People's Fed" for more.)

Nevertheless, although we are often ill-served by this public institution, in this case the blame may lie elsewhere. Even a relatively well-intentioned officer of the Federal Reserve might reasonably conclude that it would be disruptive to force banks to prepare for a rule that will never take effect.

And if there's one thing that Congress demonstrated this month, it's that it is ready, willing, and able to eliminate rules that displease Wall Street.

Pushback

When it comes to Wall Street reform, this month was bad news. But there were sprigs of green among December's funereal shades. A few feisty lawmakers fought back against the "cromnibus" deal. Sen. Elizabeth Warren (D-Mass.) led the charge in the Senate, slamming both Wall Street's Republican water-carriers and Citigroup's cronies in the Clinton and Obama administrations. On the House side, progressives found an ally in a reinvigorated Democratic leader Nancy Pelosi.

Sen. Bernie Sanders (I-Vt.) says he will introduce a resolution to break up the big banks. It's not likely to pass, but it's a start. Democrats who resist the Wall Street takeover may find some allies among the Republicans as well, where Sen. David Vitter (R-La.) and others have sometimes been taking populist economic stands.

Sen. Sherrod Brown (D-Ohio) will become the ranking Democrat on the Senate Banking Committee (which also handles housing and urban affairs, two other sensitive financial areas). In the clip above, Sen. Brown told us that he plans to use this position to keep calling for more comprehensive Wall Street reform. Brown says he'll reach across the aisle for allies. He notes that some conservatives want Wall Street reform, but adds that even the most ardent among them are often seduced by its money when they come to Washington.

The senator also notes that, when it comes to "keeping Wall Street in check," his committee "didn't have a majority for that (even) when Democrats were in the majority." That's where the public comes in.

Whose 2015?

We live in a cash-driven political age. We won't get the reform we need if we rely on elected officials to enact it for us. That will take an independent movement that isn't beholden to any party or special interest. Building it will be a major challenge, and nobody else will do it for us.

It won't be easy. Banks are already gearing up for a "lobbying blitz" aimed at rolling back more of Dodd-Frank. The President is likely to renominate banker Antonio Weiss to a key economic position. Wall Streeters are likely to join with other wealthy interests in another attempt to cut Social Security, a move which could keep their tax bills low while bringing new investment income to their coffers.

There will be other economic battles. The President will be pushing for the Trans-Pacific Partnership, an onerous and destructive trade bill, and he'll be asking Congress to prevent debate on its controversial provisions by using a parliamentary trick known as "fast track." Congress will be fighting to give even more tax breaks to corporations and wealthy individuals, and to undermine even more employee protections for working Americans.

Some in Congress will make positive and even brave proposals -- to break up the big banks, increase Social Security benefits, raise wages, and take other much-needed steps to repair our damaged economy. But, overall, our elected officials will only have as much courage as the public demands of them. It will take a reinvigorated movement, on the scale of the Occupy movement and the transformative movements that preceded it, to enact major populist reforms.

If you're looking for an easy political ride, 2015 isn't likely to be your favorite year. But if you're looking for political challenge and purpose, you'll find more than enough to engage you in the next twelve months. Happy holidays -- and see you at the barricades.