Gov’t Shutdown Looms if ‘Mini-bus’ Isn’t Passed – Michelle Hirsch (The Fiscal Times)
“The Commodities Futures Trading Commission, for instance, is being asked to swallow a near one-third cut relative to what the Obama administration requested. …’The Dodd-Frank Act assigned massive new markets to CFTC oversight, leading to a 600 percent increase in the size of the CFTC’s supervisory responsibilities,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘The funding level just advanced by the Conference Committee would barely allow the CFTC to expand its current oversight resources and would not permit the agency to implement its new responsibilities.’
Robocalls Instigate a Cellphone Fight – Randall Stross (NYT)
“… The American Bankers Association, the Association of Credit and Collection Professionals and other trade groups…are backing a bill in the House, H.R. 3035, that they say would clarify issues of consent surrounding automated calls. …The bill is opposed by the National Association of Consumer Advocates, the Consumer Federation of America, Americans for Financial Reform, Consumer Watchdog, the U.S. Public Interest Research Group and other consumer advocates.
Volcker conflict-of-interest rule too weak: Levin – Dave Clarke (Reuters)
“U.S. regulators are not going far enough with the Volcker rule to prevent large banks from betting against their clients’ interests, Senator Carl Levin said on Wednesday. …Levin found fault with language that allows banks to take positions that may conflict with their clients…‘That’s not nearly tough enough for me,’ Levin said at an event examining the Volcker rule that was hosted by Americans for Financial Reform…”
Need-To-Know Memo – National Journal
Financial reform advocates are up in arms over the House-Senate conference ‘minibus’ appropriations bill that would slash roughly one-third of what President Obama requested to fund the Commodity Futures Trading Commission for 2012 to $205.3 million, raising questions about how it will be able to enforce new financial regulations. ‘This leaves the agency without the funding it needs to do its job and will make it impossible to implement key aspects of financial reform,’ said Lisa Donner, the executive director for Americans for Financial Reform, in a press release.
Senators cite MF Global as Volcker rule rationale – Ronald D. Orol (MarketWatch)
“Two senators on Wednesday urged approval of regulations to adopt key provisions in the Volcker rule, arguing that the recent failure of MF Global illustrates why it should be approved. …during a gathering organized by Americans for Financial Reform, a progressive-leaning group.” Click here for more.
Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says – Phil Mattingly (Bloomberg)
“Volcker rule language aimed at limiting conflicts of interest between U.S. banks and their clients is ‘not nearly tough enough,’ Senator Carl Levin said. Levin, a Michigan Democrat who helped draft the Dodd-Frank Act ban on proprietary trading for deposit-taking banks, said today…at an Americans for Financial Reform conference in Washington.”
