Sign On Letter: Support Full Funding for the CFTC
AFR signed onto to a letter along with more than 50 other organizations, urging members of Congress to support full funding for the CFTC.
Tag Archives: Derivatives
AFR Letter: Do Not Radically Change Definition of Swap Dealer
AFR sent a letter to the SEC and CFTC urging them to hold the line on their definition of swap dealer and not to radically change it.
AFR Letter: Oppose HR 3527
AFR sent a letter to the House urging members to oppose HR 3527, which would create unnecessary roadblocks to enforcement of derivatives oversight on big Wall Street banks and the financial services industry.
This Week in Wall Street Reform
Click here to view this week’s highlights and lowlights in Wall Street Reform – March 24, 2012 – March, 30, 2012. Please note: Compiling and distributing ‘This Week in Wall Street Reform’ will be in a period of transition in the coming weeks, so please bear
AFR in the News: Is Dodd-Frank being rolled back while no one is looking?
“It’s par for the course for the GOP-controlled House to pass bills that few people notice and that ultimately go nowhere. But it’s rare for legislators to join hands across the aisle to roll back parts of President Obama’s signature legislative achievements. That’s what happened on Monday, when the House passed two little-noticed bills that changed the derivatives rules under the Dodd-Frank Act. … But critics of the bills, like Americans for Financial Reform, believe that the legislation could make substantive changes to Dodd-Frank that would increase risk and instability in the marketplace.”
AFR Letter: Oppose HR 2586
AFR sent a letter to the House voicing our strong opposition to HR 2586, the “Swaps Execution Facility Clarification Act”. HR 2586 would undermine a key element of derivatives reform – the attempt to create transparent, competitive markets for previously ‘dark’ over-the-counter (OTC) derivatives.
AFR in the News: Swaps Bill Offers Dodd-Frank Dodge, Consumer Group Says
“In a March 27 letter to members of the committee, Americans for Financial Reform writes that the swaps bill, introduced last October by Rep. Scott Garrett, R-N.J., chairman of the House Financial Services Subcomittee on Capital Markets, ‘would undermine’ the regulatory regime for derivatives laid out by Congress in the Dodd-Frank act ‘by exempting any derivatives transaction between a U.S. swap dealer and a non-U.S. entity from all the major protections contained in Title VII of the Dodd-Frank Act,’ with the one exception being reporting requirements to regulators.”
AFR in the News: Tweaks to Wall Street overhaul law starting to move
“Also on Tuesday the Financial Services Committee approved a bill to limit the international reach of new U.S. swaps and derivative rules. …The group Americans for Financial Reform, a strong backer of Dodd-Frank, warned the bill would allow U.S. banks to evade oversight. ‘In addition to seriously undermining the basic transparency and accountability requirements in the U.S., such a ‘race to the bottom’ would be a serious blow to the entire international effort to make derivatives markets safer,’ the group said in a statement.”
AFR Letter: Oppose HR 3283
AFR sent a letter to the House this morning urging members to oppose HR 3283. HR 3283 would allow U.S. banks to evade Dodd-Frank derivatives regulation by dealing through their foreign subsidiaries. This could fatally undermine derivatives oversight.
AFR in the News: Mark Gongloff – Dodd Frank Act Under Assault Again
“H.R. 3283 would let U.S. banks trade derivatives, such as credit default swaps, overseas without having to build up any extra capital to protect against a meltdown in those derivatives. ‘This would create an overwhelming temptation to move swaps business overseas, indeed to the foreign jurisdictions where regulation was most lax compared to the U.S.,’ Americans For Financial Reform, a coalition of labor, consumer and other groups, wrote in a letter to the House today.”