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.”
Ever since the passage of the Dodd-Frank Act, “the financial industry has been spending billions of dollars on lawyers and lobbyists,” all of them “charged with one task: weaken the thing.”
“[I]t has taken federal regulators nearly three years since the passage of Dodd-Frank… to define which nonbank companies, if they were to fail, could threaten the integrity of the country’s financial system.”
“Last week’s Senate report on JPMorgan Chase’s ‘London Whale’ trades should have redoubled Washington’s resolve to carry out the basic derivatives safety measures of Dodd-Frank. But too many members of the House Agriculture Committee seem to have their heads buried in the sand.”
84% say they support the consumer Bureau, and most are Republicans in a new poll commissioned by Small Business Majority and sponsored by the Center for Responsible Lending
Two and a half years after passage of the Dodd-Frank Act, two-thirds of its mandated rules have yet to be issued, and more than a hundred of its deadlines have been missed, writes Mark Gongloff of the Huffington Post. “Meanwhile, no banker has yet gone
More specificity and disclosure are needed in the big banks’ “living wills.”
AFR tele-conference explores a major threat to Dodd-Frank derivatives reforms.
Industry leaders and their political allies are seeking broad changes in the guise of “technical fixes,” says AFR’s Lisa Donner.