As part of the broader push to strengthen regulation of the financial industry, two agencies with sometimes conflicting responsibilities and rules joined forces to see how harmonizing their efforts might be effective in, among other things, protecting against fraud and forcing foreign trade organizations to register with them before doing business within the United States. However, a Government Accountability Office (GAO) report, released yesterday, highlights that the two agencies, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), did not assess how they could cover gaps in the agencies’ authorities to oversee derivatives—a central part ...
Continue readingInvestigating More Earmarks
Writing in Roll Call, Paul Singer notes (subscription only) that one of Rep. Alan Mollohan's earmarks -- $1 million to acquire land to expand the Canaan Valley National Wildlife Refuge in Northeast West Virginia -- also happens to be in an area with which Mollohan has some familiarity:
...Mollohan owns two properties in Tucker County, near the boundaries of the refuge — one with a home and an adjacent lot, the other a lot with no building — that he lists on his financial disclosure forms as being worth a total of $550,000 to $1,100,000. With two ski resorts nearby and several housing developments along the same road, local officials say property values are skyrocketing in the area, and placing more land off-limits to development will simply increase the price of the existing lots.Continue reading
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