On February 24, Americans for Financial Reform sent a letter to Senator Dodd and Senator Shelby regarding their draft of the Restoring American Financial Stability Act of 2009 (“Stability Act”). Letter from AFR to Dodd Shelby (February 24, 2010)
Support Strong Derivatives Regulation Congress cannot protect the U.S. financial system without acting to regulate over-the-counter derivatives, which brought down AIG at a cost of $134 billion to taxpayers. The five biggest banks dominate the derivatives market and want to maintain the status quo, since opaque markets permit them to charge very high fees to