Tuesday, March 11, 2014


I use Evernote to save web posts that I want to read later and later sometimes turns into never, so here's one of the posts I saved.  The passage of this bill indicates that money still talks loudly in the House.
House Passes Bill That Could Lead to Another Financial Crash—But Reformers Claim Victory

—Erika Eichelberger on Thu. June 13, 2013 12:47 PM PDT
Mother Jones

On Wednesday evening, the House passed a bipartisan bill that would allow US banks to avoid new financial regulations by operating overseas.

The bill in question, the clunkily titled Swap Jurisdiction Certainty Act, was introduced earlier this year by Reps. Scott Garrett (R-N.J.), Mike Conaway (R-Tex.), John Carney (D-Del.), and David Scott (D-Ga.). It would exempt foreign arms of US banks from the new regulations on derivatives (which are financial products with values derived from from underlying variables, such as crop prices or interest rates) that are required by the Dodd-Frank Act, the big post-crisis Wall Street reform law.

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