House Moves to Gut Derivatives Regulations Again

[phantom power]

Noted Wall Street ski buddy and House Financial Services Chairman Jeb Hensarling is moving to re-deregulate derivatives by gutting the Dodd-Frank Act. Apparently one financial crisis this century is not enough for Hensarling and friends as the House today is marking up a slew of bills to help Wall Street avoid derivatives oversight.

The Committee on Financial Services will meet in open session to mark up the following measures:

H.R. 701, to amend a provision of the Securities Act of 1933 directing the Securities and Exchange Commission to add a particular class of securities to those exempted under such Act to provide a deadline for such action
H.R. 801, the “Holding Company Registration Threshold Equalization Act of 2013″
H.R. 742, the “Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013″
H.R. 1341, the “Financial Competitive Act of 2013″
H.R. 634, the “Business Risk Mitigation and Price Stabilization Act of 2013″
H.R. 677, the “Inter-Affiliate Swap Clarification Act”
H.R. 992, the “Swaps Regulatory Improvement Act”
H.R. 1256, the “Swap Jurisdiction Certainty Act”
H.R. 1062, the “SEC Regulatory Accountability Act”

...

Congress has systematically underfunded the Wall Street regulatory agencies and with these bills the regulators’ hands will be tied returning America to the pre-2008 system. More or less guaranteeing a crash. Yes, Wall Street and some members of Congress are this irresponsible.

http://news.firedoglake.com/2013/05/07/house-moves-to-gut-derivatives-regulations-again/

[DonCoquixote]

1. I know some want to kill the Senate

Because it gives Vermont the same amount as California, but on the other hand, the idea that these local pols gone national would be the one house makes my skin crawl.

[Turbineguy]

2. Because the last collapse did not quite outdo the Great Depression,

Wall Street wants another chance to really fuck things up. Luckily for them the repubs are anxious to oblige.