“The Commodity Futures Trading Commission (Commission) last week approved an exemptive order providing time-limited relief from certain cross-border applications of the Dodd-Frank’s swaps provisions.
The CFTC said that the purpose of the order was “to foster an orderly phase in to the new swaps regulatory regime and to provide market participants greater certainty regarding their obligations with respect to cross-border swap activities.”
But Dennis Kelleher of Better Markets, a Washington, D.C. based public interest group, saw something else.
Kelleher said that CFTC delay in implementing the rules “fails to adequately protect the American people from having to again bail out Wall Street and its unregulated or under-regulated overseas activities.”
“The action narrows the scope of the rules, carves out entire areas of application and delays key decisions for six months or more,” Kelleher said. CEO of Better Markets.
“Wall Street and its army of lobbyists will use the additional time to continue their war on financial regulation that may hurt their profits, but which will protect the American people from having to bail them out again.”
“Just four years ago, Wall Street and its overseas activities almost caused the collapse of the global financial system.”
“Those reckless, largely unregulated actions caused trillions of dollars in damage to the U.S. and inflicted economic wreckage across our country, much of which continues to this day.”
Read full Corporate Crime Reporter article here