REMEMBER, THE GOP WANTS TO STOP THIS

The GOP also wants to repeal Dodd-Frank and I don't think that gets enough attention in the news media. I hope some reporter asks Mittens about this.

Floodgates on U.S. derivative reforms set to open
By Alexandra Alper

WASHINGTON | Sun Jul 8, 2012 7:01am EDT

(Reuters) - The U.S. swaps regulator is set to finalize this week a critical reform that will trigger banks and traders having to comply with costly new derivatives rules.

The Commodity Futures Trading Commission will vote on Tuesday on a definition of a "swap," which will start a countdown on compliance dates for big swaps players to start registering with regulators and reporting their trades.

Market watchers say this is a big step in regulators' efforts to bring the $650 trillion over-the-counter swaps market out of the shadows.


Widespread ignorance of swaps exposure at failed investment firm Lehman Brothers and insurer American International Group aggravated the 2007-2009 financial crisis, which led to billions of dollars in taxpayer bailouts.