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The caucuss co-chairs, Rep. Raul Grijalva (D-Ariz.) and Keith Ellison (D-Minn.), declared that they would oppose the cromnibus in a statement Wednesday. | AP Photo

By Seung Min Kim

12/11/14 12:29 PM EST

Updated 12/11/14 1:52 PM EST

The Congressional Progressive Caucus is pushing its nearly 70 Democrats to oppose a sweeping funding bill on Thursday because it rolls back a key aspect of the Dodd-Frank financial reform law.

The liberal groups whip operation blasted out an email earlier Thursday urging its members to reject the so-called cromnibus if a provision tucked into the massive bill which helps big banks trade derivatives in units backstopped by a government guarantee remained in the spending measure. Democrats see it as a way to undo protections intended to prevent financial crises like the 2008 crash.

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This kind of activity was a cause of the 2008 crisis and directly led to the economic hardship currently being felt by millions of Americans, reads the email to CPCs member offices, obtained by POLITICO. A provision in the cromnibus would gut and repeal this provision.

The caucuss co-chairman, Rep. Raul Grijalva (D-Ariz.) and Keith Ellison (D-Minn.), declared that they would oppose the cromnibus in a statement Wednesday. Liberals are also irate about a provision in the spending bill that would increase contribution limits for official party committees.

Its not yet clear if this new push will cause sufficient opposition to jeopardize the bill. If enough liberal Democrats defect from the spending package, it could potentially derail its passage, since House Republicans are also set to lose dozens of their own members.

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Progressives caucus urges 'no' vote on spending bill