Trump Duly Slapped, Elizabeth Warren Returns to What She Does Best
Work work work, it is what she does.--working for the people.
Trump Duly Slapped, Elizabeth Warren Returns to What She Does Best
Wall Street will hate it.
http://www.motherjones.com/politics/2016/06/elizabeth-warren-wall-street-bill
Delphine d'AmoraJun. 29, 2016 6:16 PM
Rex Features/AP
Fresh from her first appearance on the campaign trail with Hillary Clinton, Sen. Elizabeth Warren on Wednesday returned to her favorite activity: going after Wall Street. With Sen. Mark Warner (D-Va.) and Rep. Elijah Cummings (D-Md.), Warren submitted a bill aimed at strengthening regulation of the derivatives market, now notorious for its contribution to the financial crisis of 2007 and 2008. Derivatives are contracts whose value is derived from (and changes according to) the value of other assets, which allows parties in the contract to speculate, sometimes wildly, on the underlying asset's value.
"The only way to make sure that derivatives can never lead to a financial crisis and taxpayer bailouts again is to put in place clearer rules and stronger oversight," Warren said in a press release. A 2011 government report on the sources of the financial crisis found that a key role was played by so-called over-the-counter derivatives. The lack of regulation of these derivatives was the direct result of government policy: a bill passed in 2000—over the warnings of Commodity Futures Trading Commission (CFTC) chair Brooksley Born—that banned state and federal regulation of OTC derivatives.
This changed with the Dodd-Frank Act of 2010, which brought the OTC derivatives market under regulatory scrutiny. Warren's bill, the Derivatives Oversight and Taxpayer Protection Act, now aims to build on that regulatory framework despite stiff opposition in the Republican-controlled Congress, where GOP lawmakers are working in the opposite direction. Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, proposed legislation earlier this month aimed at dismantling large portions of Dodd-Frank. Presumptive GOP nominee Donald Trump says he will dismantle Dodd-Frank if elected (although his statements have been short on detail).
A key provision in Warren's proposal is aimed at increasing funding for the CFTC, which has seen its budget stagnate even as the markets it is supposed to monitor balloon. The agency has been complaining of inadequate funding for years: In 2013, former chairman Gary Gensler—now the Clinton campaign's chief financial officer—told Bloomberg Businessweek that the agency needed "hundreds of more people to swim through all this data." This April, the agency's new chair, Timothy Massad, urged a Senate subcommittee to increase the budget allocation for his agency.
Warren's bill would allow the commission to collect user fees......................
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Yep. Doing what all former GOP candidates and every talking head has said on teevee & twitter isn't a winning strategy.
