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Forum Post: Sneaky House Bill Would Gut Financial Reform

Posted 1 year ago on March 26, 2013, 12:18 p.m. EST by GirlFriday (17435)
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A bipartisan group of four representatives introduced a sneaky little bill Wednesday that would dismantle a huge chunk of the historic financial reform laws enacted after the financial crisis.

The Swap Jurisdiction Certainty Act, introduced by Reps. Scott Garrett (R-N.J.), Mike Conaway (R-Tex.), John Carney (D-Del.), and David Scott (D-Ga.), three of whom sit on the House Financial Services Committee, would allow big banks to shift risky activities to foreign subsidiaries in order to avoid US regulations. Part of the landmark 2010 Dodd-Frank financial reform act requires that derivatives—financial products whose value is based on things like currency exchange rates and crop prices—be traded in public marketplaces, instead of in private. The new bill could exempt foreign companies from these US derivatives rules, which sounds reasonable; the law purportedly just affects other countries. But what it would mean is that huge US-based banks that operate internationally could just do their paperwork through their international arms to avoid US regulations, effectively gutting the section of Dodd-Frank that gave federal regulators the authority for the first time to regulate derivatives such as the credit default swaps that helped cause the 2007 bank failures.

Read the rest here

See, look, bipartisan. A two-fer.

14 Comments

14 Comments


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[-] 2 points by inclusionman (7064) 1 year ago

And not a word in MSM.

Some other efforts to chip away at fin reform:

http://www.natlawreview.com/article/financial-services-legislative-and-regulatory-update-march-25-2013

The peoples govt is owned by corps. We MUST take it back! Vote 'em out. Elect people centric, not corp puppets.

[-] 2 points by bensdad (8977) 1 year ago

You can do something about this - call your rep & senator 202-224-3121
tell them to vote AGAINST this crap and in favor of assault weapon ban

[-] 2 points by shooz (17705) 1 year ago

Creeping ever closer to libertopia.

They have bet the economic future of the entire World on those derivatives, and the computer program that created them, has never stopped running.

[-] 0 points by GirlFriday (17435) 1 year ago

I love libertopia. It just smacks of fun and mmm mmm goodness.

[-] 1 points by shooz (17705) 1 year ago

I posted this earlier, but it likely got lost in the soap opera of the karma challenged.

http://www.addictinginfo.org/2013/03/25/toxic-honey-laundering-proof-that-free-market-libertarians-like-rand-paul-are-morons/

[-] 0 points by GirlFriday (17435) 1 year ago

(it really isn’t a philosophy so much as a religion)

Zactly.

[-] 2 points by shooz (17705) 1 year ago

Libertopia and the First Church of the Invisible Hand LLC.

That hand spends most of it's time in my pocket, taking my money to give to WallStreet.

[-] 0 points by GirlFriday (17435) 1 year ago

Are you sure that it isn't the invisible hand job, then?

[-] 2 points by shooz (17705) 1 year ago

Yeah, I'm sure. Although it's a draining experience, it's more like a fist in the face.

http://inthesetimes.com/article/14686/gop_worships_the_hand_disrespects_those_who_work_with_them/

[-] 2 points by GirlFriday (17435) 1 year ago

Ya, I posted that last week. lol

[-] 2 points by shooz (17705) 1 year ago

Sorry.

I missed it.

A lot of important stuff gets buried by the never ending soap opera of the karma challenged.

I'll look for something new to post later. I have a lot of running around to do today, plus an issue with my taxes that i have to get to the bottom of and I have an aversion to voice mail....pity me......LOL.

[-] 1 points by GirlFriday (17435) 1 year ago

Ya, it does. Aversion to voice mail. I so understand that completely.

[-] 1 points by DKAtoday (34969) from Coon Rapids, MN 1 year ago

Dodd-Frank has not even been fully enacted and the assholes are watering it down daily. corpoRATist's in action. Throw the Bums out.