October 30, 2013, 7:03 pm
By ERIC LIPTON
Updated, 9:27 p.m. | The House of Representatives, with bipartisan support, passed legislation on Wednesday that would roll back a major element of the 2010 law intended to strengthen the nation’s financial regulations by allowing big banks like Citigroup and JPMorgan Chase to continue to handle most types of derivatives trades in house.
The bill, which passed by a 292-122 vote, would repeal a requirement in the Dodd-Frank law that big banks “push out” some derivatives trading into separate units that are not backed by the government’s insurance fund....
The Voldker Rule isn't even written yet and the US House wants to roll back Dodd-Frank. I suppose there will be at least 44 votes on this, too. The excuse for pandering to Wall Street is that the economy is slow. LOL. You'll excuse me but it sure isn't as slow as it was the end of 2008.
Any excuse is a good excuse in the US House.
October 30, 2013
Emily Stephenson
Editing by Gerald E. McCormic
Regulators have been working (click here) to finish the rule, which is required by the 2010 Dodd-Frank law. The rule was first proposed in October 2011 and would block banks from proprietary trading, or making risky trades with the firms' own money.
Gensler said the CFTC, Federal Reserve, Securities and Exchange Commission and other agencies have not reached an agreement on the final language of the rule.
He said he hopes to reach that decision soon and will try to schedule a CFTC vote on the rule in the second week of December....
The name of the bill takes my breath away. No lie. Wall Street lobbyists are buying the government again.
...The House legislation, (click here) formally known as the Swaps Regulatory Improvement Act, has little chance of becoming law, as the Senate has not proceeded with its own version, and the Obama administration has spoken in opposition to it, arguing that regulators should be given a chance to adopt various Dodd-Frank related regulations before the law is revised.
But the vote Wednesday, which included the support of 70 House
Democrats, followed months of intense lobbying by Wall Street banks. The
banks and lawmakers who support the proposal hope that the bipartisan
support the bill received in the House will send a strong message to the
administration to tread carefully as it drafts the remaining
regulations necessary to fully enforce Dodd-Frank....
The bill referenced in this video is called H.R. 992 — the Swaps Regulatory Improvement Act. You can find out how your representative voted on 992. (click here) You can find New York Times reports on how Citigroup literally wrote its own bill.
October 28, 2013, 9:05 pm
...The House is scheduled to vote on two bills this week that would undercut new financial regulations and hand Wall Street a victory. The legislation has garnered broad bipartisan support in the House, even after lawmakers learned that Citigroup lobbyists helped write one of the bills, (click here) which would exempt a wide array of derivatives trading from new regulation....
You can see how Wall Street dumps money into your member of Congress' campaign coffers here and gape openly at the incredible amounts of money Wall Street spends on lobbying every year here. You can read more about House Financial Services Chairman Jeb Hensarling's ski vacation with Wall Street (yes, that's a thing that actually happened).
by Justin Elliott
ProPublica, April 30, 2013, 8:55 a.m,
In January, Rep. Jeb Hensarling, R-Texas, (click here) ascended to the powerful chairmanship of the House Financial Services Committee. Six weeks later, campaign finance filings and interviews show, Hensarling was joined by representatives of the banking industry for a ski vacation fundraiser at a posh Park City, Utah, resort....
Now, if the US House can only make a trade with the US Senate and remove the Hastert Rule to allow the Democrats to vote for "ENDA" (click here) all will be too easy to turn Wall Street loose again on the world.
By ERIC LIPTON
Updated, 9:27 p.m. | The House of Representatives, with bipartisan support, passed legislation on Wednesday that would roll back a major element of the 2010 law intended to strengthen the nation’s financial regulations by allowing big banks like Citigroup and JPMorgan Chase to continue to handle most types of derivatives trades in house.
The bill, which passed by a 292-122 vote, would repeal a requirement in the Dodd-Frank law that big banks “push out” some derivatives trading into separate units that are not backed by the government’s insurance fund....
The Voldker Rule isn't even written yet and the US House wants to roll back Dodd-Frank. I suppose there will be at least 44 votes on this, too. The excuse for pandering to Wall Street is that the economy is slow. LOL. You'll excuse me but it sure isn't as slow as it was the end of 2008.
Any excuse is a good excuse in the US House.
October 30, 2013
Emily Stephenson
Editing by Gerald E. McCormic
Regulators have been working (click here) to finish the rule, which is required by the 2010 Dodd-Frank law. The rule was first proposed in October 2011 and would block banks from proprietary trading, or making risky trades with the firms' own money.
Gensler said the CFTC, Federal Reserve, Securities and Exchange Commission and other agencies have not reached an agreement on the final language of the rule.
He said he hopes to reach that decision soon and will try to schedule a CFTC vote on the rule in the second week of December....
The name of the bill takes my breath away. No lie. Wall Street lobbyists are buying the government again.
...The House legislation, (click here) formally known as the Swaps Regulatory Improvement Act, has little chance of becoming law, as the Senate has not proceeded with its own version, and the Obama administration has spoken in opposition to it, arguing that regulators should be given a chance to adopt various Dodd-Frank related regulations before the law is revised.
But the vote Wednesday, which included the support of 70 House
Democrats, followed months of intense lobbying by Wall Street banks. The
banks and lawmakers who support the proposal hope that the bipartisan
support the bill received in the House will send a strong message to the
administration to tread carefully as it drafts the remaining
regulations necessary to fully enforce Dodd-Frank....The bill referenced in this video is called H.R. 992 — the Swaps Regulatory Improvement Act. You can find out how your representative voted on 992. (click here) You can find New York Times reports on how Citigroup literally wrote its own bill.
October 28, 2013, 9:05 pm
...The House is scheduled to vote on two bills this week that would undercut new financial regulations and hand Wall Street a victory. The legislation has garnered broad bipartisan support in the House, even after lawmakers learned that Citigroup lobbyists helped write one of the bills, (click here) which would exempt a wide array of derivatives trading from new regulation....
You can see how Wall Street dumps money into your member of Congress' campaign coffers here and gape openly at the incredible amounts of money Wall Street spends on lobbying every year here. You can read more about House Financial Services Chairman Jeb Hensarling's ski vacation with Wall Street (yes, that's a thing that actually happened).
by Justin Elliott
ProPublica, April 30, 2013, 8:55 a.m,
In January, Rep. Jeb Hensarling, R-Texas, (click here) ascended to the powerful chairmanship of the House Financial Services Committee. Six weeks later, campaign finance filings and interviews show, Hensarling was joined by representatives of the banking industry for a ski vacation fundraiser at a posh Park City, Utah, resort....
Now, if the US House can only make a trade with the US Senate and remove the Hastert Rule to allow the Democrats to vote for "ENDA" (click here) all will be too easy to turn Wall Street loose again on the world.
