AFR submitted a comment letter to the SEC arguing that the rules are generally appropriate, but that the regulators should also make clear that they are prohibiting not just the specific examples of conflict of interest that came to light in hearings on the financial crisis, but all similar conflicts of interest.
AFR submitted a comment to the CFTC on the process for a designated contract market or swap execution facility to make a swap available to trade. The proposed rule falls short of congressional intent, and requires fundamental restructuring.
Click here to view this week’s highlights and lowlights in Wall Street Reform – February 4, 2012 – February 10, 2012.
The “Volcker Rule” is a part of the Dodd-Frank Wall Street reform bill that bans banks and other large, critical financial institutions from making risky, speculative bets using taxpayer backed funds – a practice called “proprietary trading.” Tell the financial regulators to write a strong “Volcker Rule” and end excessive speculation at big Wall Street banks that puts the public at risk.
AFR sent a letter to members of congress urging them to reject HR 3283, a bill that would exempt foreign affiliates of U.S. banks from all the major protections against derivative risks contained in Title VII of Dodd-Frank.
AFR sent a letter to members of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit asking that they reject HR 2081 and HR 1355, two bills that would cripple the CFPB.