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    A Band-Aid for Derivatives Trading

    American regulators yesterday agreed, both internally and with the European Union, on how to deal with the trading of financial derivatives beyond U.S. shores. The EU and U.S. essentially decided to treat each other’s rules as “close enough.” While the decision has some value, it continues to miss the point. … More

    How Bad is the Lincoln Derivatives Bill?

    It makes a future market melt-down more likely. Today the Senate takes up Senator Blanche Lincoln’s amendment to regulate over-the-counter derivatives. The Lincoln bill is very, very bad, but don’t take out word for it, ask the Federal Reserve. Fed Staffers released a four page, seven point critique saying the … More

    50% More Bureaucrats = Government “Cost Savings” for Financial Derivatives Reform

    Sponsors of derivatives “reform” legislation claim it will reduce costs to derivatives users. Just how more government regulation is supposed to reduce costs in the private sector has never been exactly clear, but discussion at Wednesday’s Senate Agriculture Committee mark-up of derivatives reform legislation revealed that the “reform” will cost … More

    President Obama Threatens Veto on Financial Regs for Wrong Reasons

    So now President Obama is threatening to veto financial reform legislation Democratic leaders in Congress are working to pass if it is not tough enough on derivatives. There is really no disagreement between Obama and Congressional Democrats on the issue, just a bizarre attempt to make non-news. Obama is in … More

    Missing the Important Issues on Derivatives Reform

    Senator Chris Dodd’s monstrous 1336-page financial reform draft includes a whopping 217 pages devoted to “improving” over-the-counter derivatives markets. Dodd the derivatives section may be replaced by a yet-to-be-released bipartisan compromise from Senators Jack Reed and Judd Gregg. But the Dodd draft suggests that legislators are focused on bureaucratic imperatives … More

    Barney Frank: "We Are Trying on Every Front to Increase the Role of Government in the Area of Regulation"

    Last night on The Ed Show, Rep. Barney Frank (D-MA) debated Ralph Nader. Honesty ensued. Watch: [youtube]http://www.youtube.com/watch?v=uXPwr-MxvDQ[/youtube]

    Derivatives Bill: It’s Less Bad, but Still Bad

    Two House committees this week approved derivatives legislation that composes a significant part of the Obama Administration’s Financial Services reform plan. Remarkably, for a plan crafted significantly by uber-liberal Barney Frank (Chairman of the House Financial Services Committee), the bill is notably less bad than the Administration’s original proposal, but … More