Financial Reform Rules DELAYED--Is Derailment Next?

[marmar]

from the Working Life blog:



Financial Reform Rules DELAYED--Is Derailment Next?

by Jonathan Tasini
Wednesday 15 of June, 2011


Look, it isn't surprising. The entire financial community wants nothing to do with stronger oversight--even though stronger oversight would help prevent another meltdown, though, if you are a CEO of a bank or a big financial institution, the lesson you've learned from the last go-around is that you won't suffer personally...

So, they'll fight as hard as possible to block Elizabeth Warren's nomination. And now it looks like they've successfully put a crimp in the drive to implement Dodd-Frank.

Per The Wall Street Journal's website:

U.S. regulators, behind schedule in finalizing key rules mandated by last year's financial-regulatory overhaul, agreed to delay a host of new requirements scheduled to hit the $600 trillion derivatives market next month.

The move offers temporary relief to banks, companies and investors who have worried their use of derivatives—sometimes-complex financial products used to hedge risk or speculate for profit—could run afoul of regulation. Certain parts of the Dodd-Frank financial law automatically take effect July 16, though regulators have yet to issue final rules in affected areas.

On Tuesday, the Commodity Futures Trading Commission offered a six-month reprieve. It delayed until as late as Dec. 31 the effective date of requirements such as business-conduct rules and registration requirements, which affect those who use and trade derivatives.

................(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15207

[MannyGoldstein]

1. No shit?

Surprising.