GOP Working to Delay Dodd-Frank Reform

[LatteLibertine]

With gas prices approaching record highs and soaring food prices fueling global unrest, Republicans on the House Agriculture Committee passed a plan Wednesday to delay regulation on financial speculation, including in the food and oil markets.

In a Wednesday vote, the committee approved a bill to delay by 18 months the writing of many key regulations outlined in last year’s Dodd-Frank financial reform law. Dodd-Frank requires regulators to write a host of new rules to tighten oversight over derivatives, financial instruments designed to help farmers and manufacturers hedge their risk that are also used by financial speculators. Warren Buffett has called derivatives "financial weapons of mass destruction" and the financial tools played a key role in the downfall of insurance giant AIG.

More details and source below:

http://www.huffingtonpost.com/2011/05/04/house-republicans-kill-pl_n_857709.html