Republicans Plan to ‘Identify and Remedy’ Dodd-Frank Problems

[Joanne98]

Source: Bloomberg

The House Financial Services Committee aims to “identify and remedy” any unintended consequences of the Dodd-Frank regulatory overhaul, with a particular focus on rules governing proprietary trading and derivatives, according to a draft of the panel’s strategic plan.

The 20-page document, circulated to committee members and staff for comment by Chairman Spencer Bachus of Alabama, says that the panel will focus this year on overseeing implementation of Dodd-Frank’s new rules for Wall Street. A copy of the draft oversight plan was obtained by Bloomberg News.

Committee members will monitor regulators who are writing language to enforce the so-called Volcker rule limiting proprietary trading by banks to “ensure that it does not result in unintended consequences” for jobs and markets, the draft says. The panel also will “examine whether federal regulators will impose margin and capital requirements” on non-financial firms that use derivatives to hedge legitimate business risk.

“The committee will assess the results of the implementation of the Dodd-Frank Act to improve those parts of the act that work well while changing those parts that do not,” according to the proposal. The panel will “identify and remedy unintended consequences.”



Read more: http://www.bloomberg.com/news/2011-02-01/house-panel-to-remedy-dodd-frank-s-unintended-consequences-draft-shows.html

---

Got to protect the derivatives beast!

Republicans are so corrupt it's hard to believe there are people in this country stupid enough to vote for them.

[FarLeftFist]

1. Turns out the problems were the republicons.

Mission abort.