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April 14, 2014

Advocates fear sabotage of Wall St. rules

“Advocates for tougher rules on Wall Street are crying foul about legislation that is rapidly moving through Congress, arguing it would unravel key protections put in place after the financial crisis.

“Legislation reauthorizing the Commodity Futures Trading Commission (CFTC) surged out of the House Agriculture Committee with strong backing from both parties, and could be considered on the House floor when lawmakers return from their two-week spring break.
Members of both parties hailed the bill as an all-too-rare bipartisan product that is worthy of serious consideration.

“But advocates for cracking the whip on Wall Street say the measure would handcuff the derivatives regulator and make it significantly easier for the financial industry to operate in the shadows.

“This legislation under-funds, undercuts and undermines the critically important work the CFTC is doing,” said Dennis Kelleher, president and CEO of the reform group Better Markets. “It derails future reforms and rolls back past progress in bringing transparency, oversight and accountability to the dark, unregulated derivatives markets.”

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Read full The Hill article here.

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