The Dodd-Frank Act, Mike Konczal points out on washingtonpost.com (5/6/13), left it to regulators to decide how much capital banks must set aside. And U.S. regulators have ceded much of the task to the international panel of bank overseers working on the standards known as
Under H.R. 677, the CFTC loses its jurisdiction over inter-affiliate swaps, which are defined so loosely that, according to AFR’s Marcus Stanley, “the affiliates don’t even need to share majority ownership… That’s a big, whopping exemption.”
“Think of the precedent… rushing forward with the aspects of the rule supported by industry while offering the faint possibility that the commission might one day get around to addressing the concerns raised by investors.”
The Federal Reserve has heard plenty from U.S. banks about what’s wrong with various proposed pieces of Dodd-Frank rulemaking. Now, according to Kate Davidson of Politico Pro (April 15), the Fed is “getting an earful from foreign banks and their regulators, too.”
Ever since the passage of the Dodd-Frank Act, “the financial industry has been spending billions of dollars on lawyers and lobbyists,” all of them “charged with one task: weaken the thing.”
Bank fees charged on structured notes tied to stocks climbed to a three-year high in the first quarter of 2013,
The Commodity Futures Trading Commission has decided to exempt so-called inter-affiliate swaps deals from its Dodd-Frank-mandated derivatives rules.
“[I]t has taken federal regulators nearly three years since the passage of Dodd-Frank… to define which nonbank companies, if they were to fail, could threaten the integrity of the country’s financial system.”
Without a neighborhood-by-neighborhood breakdown, “it is impossible to measure the impact of the national mortgage settlement in any meaningful way.”
The Agriculture Committee’s bills would “enable public bailouts of swaps dealers, weaken the ability of regulators to control derivatives trading in overseas subsidiaries of Wall Street banks and establish a blanket exemption for derivatives transactions among the thousands of subsidiaries of global banks.”