With the news focused on JPMorgan Chase & Company's $2 billion "mistake" and company's lobbying campaign at financial agencies to permit the sort of trades that led to the loss, it's worth reviewing some other examples where industry have pushed hard to limit the reach of the Dodd-Frank financial law, arguing as JPMorgan did against a heavy hand because they could handle the risk.
The emphasis is on "some:" the list really is much longer. The law famously set in motion more than 220 rulemakings of which just under a third have been completed. Dominating the dockets of ...Continue reading
Some of Washington’s most powerful trade associations and big corporations are pushing to get an exemption from derivatives regulations mandated by the Dodd-Frank financial law—and House Republicans are planning to introduce legislation to do just that.
Under the umbrella of an ad hoc coalition, known as the Coalition for Derivatives End-Users, which is run by the U.S. Chamber of Commerce, the National Association of Manufacturers, and the Business Roundtable, among others, the coalition first weighed in during the debate over the financial law.
Since the law’s passage, the coalition has also been presenting its case with ...Continue reading
The House Financial Services Committee is currently holding a hearing on the implementation of new rules for the trading of... View ArticleContinue reading
The Commodity Futures Trading Commission (CFTC) has been tasked, along with the Securities and Exchange Commission (SEC), with setting new... View ArticleContinue reading
Four key lawmakers on the financial reform conference committee are seeking to create loopholes in the so-called Volcker Rule and... View ArticleContinue reading
Multiple stories point to a huge lobbying effort on the part of the financial industry as the Senate debates reform... View ArticleContinue reading
Concerned about seeing their huge profits cut, six big banks are leading the charge to weaken or block new financial... View ArticleContinue reading
Despite the fall-out from the Cornhusker Kickback in the health care reform debate, Sen. Ben Nelson is, at best, creating... View ArticleContinue reading
The financial reform legislation regarding derivatives voted 13-8 out of the Senate Agriculture Committee this morning and on to the Senate floor. It’s intended to fend off any future government bailouts and prohibit the risky behavior banks participate in that caused the 2008 financial meltdown. But of course, the very organizations that these new laws will affect are using their money and expertise to influence the lawmakers in charge of making reform happen.
The proposed bill, introduced by Sen. Blanche Lincoln, D-Ark., is planned to be folded into the bill Sen. Chris Dodd, D-Conn., proposed this week on financial ...