How lobbyists make government regulations more burdensome – Suzy Khimm (Washington Post)

“One of the chief complaints you hear about Obama’s Wall Street reform law is that it imposes hugely complex, burdensome regulations on businesses. But why did that happen? It’s partly because industry lobbyists have pushed so hard to carve out exemptions in the law. That’s what happened with the Volcker Rule…The rule originally started out a 10-page provision that has ballooned to nearly 300 pages with scores of exemptions in place, as some supporters of the reform pointed out at an event on Wednesday. …at the gathering, sponsored by Americans for Financial Reform.”

AFR sent a letter to the Senate opposing S. 1720, which would give big business veto power over any effective regulation.

Making the Volcker Rule Work 
Wednesday, November 9th,  9:30 to 1:00
Location – Hart Senate Office Building, Room 902
Presented By: Americans for Financial Reform
 Volcker Rule Conference Agenda
9:30 – 10:00: Keynote Addresses
 Introduction by AFR Executive Director Lisa …

AFR signed onto a letter with other business, consumer, and labor groups supporting full funding for the CFTC.

Click here to view this week’s highlights and lowlights in Wall Street Reform – October 29, 2011 – November 4, 2011.

MF Global provides first test for Dodd-Frank – Ira Teinowitz (The Deal)

“Marcus Stanley, policy director of Americans for Financial Reform, a coalition of consumer and labor groups, called the bankruptcy a warning to regulators that the Volcker Rule should be implemented strictly. ‘MF Global’s failure — like the recent proprietary losses by Goldman Sachs — underlines the risks of speculative proprietary bets,” he said. ‘A tough Volcker Rule will restrict this kind of speculation to institutions that are ‘small enough to fail’ and prevent the giant investment banks central to the economy from taking these kinds of risks.’”