GOP continues gutting of Financial Reform

[boutons_deux]

Five More Pro-Wall Street Measures Up Today

Today, the House Financial Services Capital Markets subcommittee will move to advance five more bills which would roll back critical reforms.

We Love Bailouts Bill: HR 1838 (Stivers)

would repeal a section of the Dodd-Frank Act that prohibits the Federal Government from bailing out big Wall Street derivatives dealers. What are they thinking? With Merrill Lynch right now attempting to transfer a total of $75 trillion in derivatives bets from its investment arm into Bank of America, its FDIC-insured parent company, why is the GOP eager to facilitate the next giant taxpayer bailout?

Dark Markets are Good for You Bill: HR 2586 (Garrett)

would allow big Wall Street derivatives dealers to continue opaque bilateral trading and allow them to avoid price transparency required by the Dodd-Frank bill. Off-book gambling in the derivatives market was a key cause of the 2008 financial crisis, and Dodd-Frank made huge steps forward, requiring the vast majority of derivatives to be traded in open forums where everyone could see what is going on in this $600 trillion dollar market. Similarly, HR 2779 (Stivers) would exempt all transactions between related affiliates from derivatives regulations, creating less, not more, transparency.

Swap Till You Drop Bill for Pension Funds: HR 3045 (Canseco)

would permit swaps dealers to get a blanket exemption from any duty to respect the best interests of pension funds when giving any advice on a swaps deal. Just last week, we saw the largest municipal bankruptcy in United States history, in Jefferson County, Alabama, which was caused when JP Morgan Chase bribed local officials into entering a swaps deal to refinance a sewage district.

Go Back to Sleep SEC Bill: HR 2308 (Garrett)

would create a series of new hurdles for the Securities Exchange Commission (SEC) to jump before the institution can pass a new rule or regulation. SEC is not my favorite regulator and their fines on the big Wall Street banks have not been commensurate with the crimes, but compared to the U.S. Justice Department, SEC regulators have been veritable energizer bunnies, extracting billions in concessions.

Suicidal Loyalty to Wall Street Barons

The House GOP has such a suicidal loyalty to their friends on Wall Street that they simply refuse to learn any lessons, even from very recent history. As they drink the Kool-Aid, Occupy Wall Street is winning its court fight this morning and regrouping.

http://www.truth-out.org/zuccotti-park-cleared-congress-moves-gut-financial-reform/1321416770

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Meanwhile, right-wing bitch and whine about GM bailout.

[Winehole23]

If any of these pass, I'll bitch about them too.

[Winehole23]

clarified. thx, boutons.

[Wild Cobra]

I wonder how accurate the article is.

HR 1838 is sponsored by Hayworth, not Stivers. It has no cosigners.


ALL ACTIONS:

5/11/2011:
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
5/11/2011:
Referred to House Financial Services

7/19/2011:
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.

5/11/2011:
Referred to House Agriculture

6/8/2011:
Referred to the Subcommittee on General Farm Commodities and Risk Management.

Could the Dodd-Frank bill have created welcomed problems for farmers?

The sum total of the text:


112th CONGRESS

1st Session

H. R. 1838

To repeal a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act prohibiting any Federal bailout of swap dealers or participants.

IN THE HOUSE OF REPRESENTATIVES

May 11, 2011

Ms. HAYWORTH introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To repeal a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act prohibiting any Federal bailout of swap dealers or participants.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. REPEAL.

Section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 8305) is repealed.

Now I'm not up to thinking clearly right now, so I'm not going to try to read and understand what the law is that they want repealed, but here it is for those interested:

Dodd Frank Act Section 716 (http://www.dodd-frank-act.us/Dodd_Frank_Act_Text_Section_716.html).

Three of the seven cosponsors for HR 2586 are democrats.


ALL ACTIONS:

7/19/2011:
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
7/19/2011:
Referred to House Financial Services

8/22/2011:
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.

7/19/2011:
Referred to House Agriculture

7/22/2011:
Referred to the Subcommittee on General Farm Commodities and Risk Management.


A BILL

To refine the definition of swap execution facility in the provisions regulating swap markets added by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Swap Execution Facility Clarification Act'.

SEC. 2. DEFINITION OF SWAP EXECUTION FACILITY.

(a) Commodity Exchange Act- Section 1a(50) of the Commodity Exchange Act (7 U.S.C. 1a(50)) is amended--

(1) by striking `The term' and inserting the following:

`(A) IN GENERAL- The term';

(2) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively; and

(3) by adding at the end the following:

`(B) INTERPRETATION- In interpreting or further defining the term `swap execution facility', the Commission shall not require a swap execution facility to--

`(i) have a minimum number of participants receive a bid or offer or respond to any trading system or platform functionality;

`(ii) display or delay bids or offers for any period of time;

`(iii) limit the means of interstate commerce utilized by market participants to enter into and execute any swap transactions on the trading system or platform; or

`(iv) require bids or offers on one trading system or platform operated by the swap execution facility to interact with bids or offers on another trading system or platform operated by the swap execution facility'.

(b) Securities Exchange Act of 1934- Section 3(a)(77) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(77)) is amended--

(1) by striking `The term' and inserting the following:

`(A) IN GENERAL- The term';

(2) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively; and

(3) by adding at the end the following:

`(B) INTERPRETATION- In interpreting or further defining the term `security-based swap execution facility', the Commission shall not require a security-based swap execution facility to--

`(i) have a minimum number of participants receive a bid or offer or respond to any trading system or platform functionality;

`(ii) display or delay bids or offers for any period of time;

`(iii) limit the means of interstate commerce utilized by market participants to enter into and execute any security-based swap transactions on the trading system or platform; or

`(iv) require bids or offers on one trading system or platform operated by the swap execution facility to interact with bids or offers on another trading system or platform operated by the swap execution facility.'.

That's enough legwork for me. I will admit to my bias of not believing the spin that outlets like Truth-Out bring to the table without very careful reading. Nice name, but it seldom applies.