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Congress Has Nine Bills Pending That Would Weaken Derivatives Regulations
Congress Has Nine Bills Pending That Would Weaken Derivatives Regulations
By Pat Garofalo
JP Morgan’s $2 billion derivatives trading debacle has forced House Republicans to, at least temporarily, delay their efforts to repeal the Dodd-Frank financial reform law. Republicans on the House Agriculture Committee yesterday pushed back votes on a series of bills that would weaken the derivatives portion of Dodd-Frank.
Those bills had already been cleared by the House Financial Services Committee, which has been making a concerted effort to chip away at Dodd-Frank. And overall, according to a report from Public Citizen, nine bills are pending in Congress that would weaken Dodd-Frank’s title on derivatives:
All but one of those nine bills is sponsored by a Republican, with Rep. Jim Himes (D-CT) the lone Democrat.
- more -
http://thinkprogress.org/economy/2012/05/16/484936/nine-derivatives-bills-congress/
By Pat Garofalo
JP Morgan’s $2 billion derivatives trading debacle has forced House Republicans to, at least temporarily, delay their efforts to repeal the Dodd-Frank financial reform law. Republicans on the House Agriculture Committee yesterday pushed back votes on a series of bills that would weaken the derivatives portion of Dodd-Frank.
Those bills had already been cleared by the House Financial Services Committee, which has been making a concerted effort to chip away at Dodd-Frank. And overall, according to a report from Public Citizen, nine bills are pending in Congress that would weaken Dodd-Frank’s title on derivatives:
Since the passage of Dodd-Frank, industry has engaged in a concerted effort to weaken it. At least nine bills are pending in Congress that would water down its derivatives reforms. Three additional bills would saddle federal agencies with additional burdens to fulfill requirements to issue concerning financial services, including those involving derivatives.
Among other things, these bills would eliminate a requirement for federally insured banks to spin off their derivatives operations; reduce disclosure requirements for certain derivatives trades; provide a broad exemption from Dodd-Frank’s provisions for swaps involving foreign affiliates of U.S. companies; and exempt purportedly small players, even those with up to $200 billion in the notional value of their derivatives exposure.
These proposals threaten to create large oversight-free zones that could allow risky behaviors to flourish.
Among other things, these bills would eliminate a requirement for federally insured banks to spin off their derivatives operations; reduce disclosure requirements for certain derivatives trades; provide a broad exemption from Dodd-Frank’s provisions for swaps involving foreign affiliates of U.S. companies; and exempt purportedly small players, even those with up to $200 billion in the notional value of their derivatives exposure.
These proposals threaten to create large oversight-free zones that could allow risky behaviors to flourish.
All but one of those nine bills is sponsored by a Republican, with Rep. Jim Himes (D-CT) the lone Democrat.
- more -
http://thinkprogress.org/economy/2012/05/16/484936/nine-derivatives-bills-congress/
Who the hell is Jim Himes? Connecticut?
In Wake Of JP Morgan Trading Debacle, House Republicans Slow Efforts To Repeal Financial Reform
http://www.democraticunderground.com/1002690514