“’The House is the odd man out in terms of doing Wall Street’s bidding,” says AFR policy director Marcus Stanley. “They’re letting Wall Street write the law to its own benefit in ways that harm the public.”
“The progress of the CFPB has been the most impressive” result, said AFR Policy Director Marcus Stanley. “In 2009, very few people would have predicted that a few years later there would be a fully operational and independent consumer financial protection bureau.”
“Regulators have to get serious about implementing this law,” AFR policy director Marcus Stanley told the Washington Post. “The derivatives market is dominated by insured banks,” which means taxpayers would be on the hook if they ran into trouble, he said.
Banks could “take exotic swap dealings and put them inside the public safety net, and we could all get stuck bailing these guys out like we did in 2008,” AFR policy director Marcus Stanley told the Washington Post.
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.”
AFR’s Marcus Stanley was interviewed by Peter Barnes of Fox Business News on March 11.
Fund backed by physical copper “effectively creates a corner on the market,” AFR’s Marcus Stanley tells The New Republic.
Treasury, says AFR’s Marcus Stanley, has decided to exempt “a significant derivatives market from key Dodd-Frank reforms meant to protect the public from financial instability.”
Watch AFR’s Policy Director, Dr. Marcus Stanley, discuss the regulation of investment advisers at the Cato Institute’s “Should Investment Advisers Be Regulated, If So, How?” on the second panel.
“Consumer advocates said the two bills could lead to abuses. For example, the bill addressing transactions between related companies refers to swaps between ‘affiliates.’ Marcus Stanley, policy director for Americans for Financial Reform, said he worried that corporate lawyers would try broadening the use of that term to include more and more companies. ‘It’s ridiculous to put this broad exemption into statute,’ Stanley said.”