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Economy
In reply to the discussion: Weekend Economists in "Perpetual Anticipation" April 13-15, 2012 [View all]xchrom
(108,903 posts)42. Lawmakers Urge U.S. Court to Uphold CFTC Speculation Limits
http://www.bloomberg.com/news/2012-04-13/senators-urge-u-s-court-to-uphold-cftc-speculation-limits-1-.html
Wall Streets challenge to U.S. regulations limiting speculation in commodities including oil and natural gas should be dismissed because Congress required the rules under the Dodd-Frank Act, 35 Democratic Senators and Representatives said in briefs submitted to a federal judge.
The 2010 Dodd-Frank law was designed and intended to make those position limits mandatory, 18 Democratic and one Independent senator said in a friend of the court brief submitted to the court. In a separate brief scheduled to be filed, 17 Democratic House members said the law didnt require an analysis prior to completion.
Trade associations representing companies including JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) sued to overturn the U.S. Commodity Futures Trading Commission regulation approved last year that would cap the number of contracts a derivatives trader can have.
The lawsuit is one of the financial industrys highest- profile challenges to the Dodd-Frank law that bolsters regulation of derivatives after largely unregulated swaps helped fuel the 2008 credit crisis. The International Swaps and Derivatives Association Inc. and the Securities Industry and Financial Markets Association argue that the agency used a flawed analysis of Dodd-Frank when it completed the rule and didnt adequately consider the costs of the rule. A ruling is pending from U.S. District Judge Robert Wilkins in Washington.
Wall Streets challenge to U.S. regulations limiting speculation in commodities including oil and natural gas should be dismissed because Congress required the rules under the Dodd-Frank Act, 35 Democratic Senators and Representatives said in briefs submitted to a federal judge.
The 2010 Dodd-Frank law was designed and intended to make those position limits mandatory, 18 Democratic and one Independent senator said in a friend of the court brief submitted to the court. In a separate brief scheduled to be filed, 17 Democratic House members said the law didnt require an analysis prior to completion.
Trade associations representing companies including JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) sued to overturn the U.S. Commodity Futures Trading Commission regulation approved last year that would cap the number of contracts a derivatives trader can have.
The lawsuit is one of the financial industrys highest- profile challenges to the Dodd-Frank law that bolsters regulation of derivatives after largely unregulated swaps helped fuel the 2008 credit crisis. The International Swaps and Derivatives Association Inc. and the Securities Industry and Financial Markets Association argue that the agency used a flawed analysis of Dodd-Frank when it completed the rule and didnt adequately consider the costs of the rule. A ruling is pending from U.S. District Judge Robert Wilkins in Washington.
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