2015 Long Beach Grand Cru

Briefs images (1)

Published on June 17th, 2013 | by Zamná Ávila

0

Representatives Vote to Deregulate Overseas Swaps

Washington, D.C. — On June 12, the House of Representatives voted 301-124 to pass the “Swaps Jurisdiction Certainty Act,” a bill that would create new requirements for the Dodd-Frank rule-making process and limit regulation of U.S. banks on derivatives transactions known as swaps.

The bill would direct the Commodity Futures Trading Commission and the Securities and Exchange Commission to issue rules jointly on cross-border derivatives trades by U.S. financial institutions.

The SEC recently issued  rules on cross-border trades that would allow overseas branches of U.S. banks to be exempt from U.S. regulations when conducting swaps transactions that only involve non-U.S. dealers. The Commodity Futures Trading Commission is pursuing tougher rules on cross-border swaps that would require overseas branches of U.S. banks to follow U.S. regulations when conducting all swaps transactions. The Swaps Jurisdiction Act would force the Commodity Futures Trading Commission to weaken its rule in order to match the SEC’s rule exempting cross-border swaps from U.S. regulations.

According to an analysis from Bloomberg News, more than half of all derivatives trades by the biggest American banks are conducted by overseas affiliates.

The bill is supported by the American Bankers Association, the Securities Industry and Financial Markets Association, and the U.S. Chamber of Commerce, and opposed by Americans for Financial Reform, the AFL-CIO, and Public Citizen, among others.

Data: MapLight analysis of campaign contributions to members of the House from interests supporting or opposing the Swaps Jurisdiction Act from Jan. 1, 2011 – Dec. 31, 2012. Contributions data source: OpenSecrets.org

  • House members voting ‘YES’ received, on average, 102 percent more money from interest groups supporting the bill than house members voting ‘NO.’
  • House Democrats voting ‘YES’ received, on average, 75 percent more money from interest groups supporting the bill than house  Democrats voting ‘NO.’
  • House member Scott Garrett (R-NJ), bill sponsor, received  $416,249 from supporting interests.

A link to this story can be found  here.

In May, the House Financial Services Committee approved six bills that would roll back pieces of the Dodd-Frank Act designed to improve regulation of the derivatives market. The most contentious of the bills, H.R. 992, would repeal most of Sec. 716 of the 2010 financial reform bill, Dodd-Frank, which requires banks to spin off their derivatives activities into separate affiliate institutions that do not have access to federal bank subsidies. Many financial reform advocates consider Sec. 716 to be Dodd-Frank’s key measure for preventing public subsidies of speculative derivatives trading.

A link to the money and vote analysis for H.R. 992 can be found here.

Note: Bank of America, Goldman Sachs, JPMorgan Chase, and Citigroup collectively hold 93.2 percent ($208 trillion in notional value) of all derivatives contracts.

 

Tags: , , , , , , , , , , ,


About the Author



Leave a Reply

Back to Top ↑
  • Like Us On Facebook!

  • Official RLn Twitter


  • The Guide to Fine Dining

    The Guide to Fine Dining
  • Calendar

    July 2015
    S M T W T F S
    28

    Category: ArtMOLAA Presents Fantastic Mexico

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: CommunitySeal Day 2015

    Category: CommunitySummer Concerts by the Sea

    Category: ArtIn the Garden, Art & Music Fair

    Category: CommunitySenior Comedy Afternoons

    Category: TheaterThe Heir Apparent

    Category: TheaterThe Heir Apparent

    Category: EntertainmentSummer Concert Series

    Category: EntertainmentA Salute to Santana

    Category: TheaterPick of the Vine-Season 13: Private Lives

    Category: TheaterPrivate Lives

    29

    Category: ArtMOLAA Presents Fantastic Mexico

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: TheaterAlexander and the Terrible, Horrible, No Good, Very Bad Day

    Category: TheaterAbigail/1702

    30

    Category: ArtMOLAA Presents Fantastic Mexico

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: TheaterAbigail/1702

    1

    Category: ArtMOLAA Presents Fantastic Mexico

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: CommunitySan Pedro Kiwanis Club

    Category: TheaterAbigail/1702

    2

    Category: ArtMOLAA Presents Fantastic Mexico

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: CommunityFarmer’s Market

    Category: Community7th Annual Cars And Stripes Forever

    Category: ArtFirst Thursday Artwalk

    Category: CommunityOpen Mic Nite

    Category: TheaterAbigail/1702

    Category: TheaterPick of the Vine-Season 13: Private Lives

    Category: TheaterThe Heir Apparent

    Category: TheaterThe Heir Apparent

    3

    Category: ArtMOLAA Presents Fantastic Mexico

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: ArtFirst Thursday Artwalk

    Category: EntertainmentPiano Nights with Rob Klopfenstein

    Category: TheaterAbigail/1702

    Category: TheaterPrivate Lives

    Category: TheaterThe Heir Apparent

    Category: TheaterThe Heir Apparent

    4

    Category: ArtMOLAA Presents Fantastic Mexico

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: Community4th of July Jazz and Blues Festival

    Category: Community4th of July Jazz and Blues Festival

    Category: Art4th of July Extravaganza

    Category: CommunityAll-American 4th of July

    Category: TheaterPrivate Lives

    Category: TheaterThe Heir Apparent

    Category: TheaterThe Heir Apparent

    5

    Category: ArtMOLAA Presents Fantastic Mexico

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: CommunityThe Rebel Reverend

    Category: TheaterPick of the Vine-Season 13: Private Lives

    Category: TheaterPrivate Lives

    Category: TheaterThe Heir Apparent

    Category: TheaterThe Heir Apparent

    6

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: TheaterAbigail/1702

    7

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: TheaterAbigail/1702

    8

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: CommunitySan Pedro Kiwanis Club

    Category: TheaterAbigail/1702

    9

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: CommunityFarmer’s Market

    Category: CommunityOpen Mic Nite

    Category: TheaterAbigail/1702

    Category: TheaterPick of the Vine-Season 13: Private Lives

    Category: TheaterThe Heir Apparent

    Category: TheaterThe Heir Apparent

    10

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: EntertainmentPiano Nights with Rob Klopfenstein

    Category: TheaterA Chorus Line

    Category: TheaterAbigail/1702

    Category: EntertainmentJust the Tip

    Category: TheaterPrivate Lives

    Category: TheaterSingin’ in the Rain

    Category: TheaterThe Heir Apparent

    Category: TheaterThe Heir Apparent

    Category: EntertainmentWATTS50

    Category: EntertainmentJoey Altruda & The Crucial Five

    11

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: TheaterSingin’ in the Rain

    Category: CommunityThe America’s Cup Tour

    Category: CommunityFriend Fest #10

    Category: TheaterA Chorus Line

    Category: EntertainmentDumpstaphunk

    Category: TheaterJesus Christ, Superstar

    Category: TheaterPrivate Lives

    Category: TheaterThe Heir Apparent

    Category: TheaterThe Heir Apparent

    12

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: TheaterSingin’ in the Rain

    Category: CommunitySouth Coast Cactus and Succulent Society

    Category: TheaterJesus Christ, Superstar

    Category: TheaterPick of the Vine-Season 13: Private Lives

    Category: TheaterPrivate Lives

    Category: TheaterThe Heir Apparent

    Category: TheaterThe Heir Apparent

    Category: EntertainmentBlue Eyed Lucy

    13

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterCock

    Category: TheaterSingin’ in the Rain

    Category: TheaterAn American in Paris

    Category: TheaterAbigail/1702

    14

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterSingin’ in the Rain

    Category: TheaterAbigail/1702

    Category: EntertainmentAlex’s Bar Karaoke

    15

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterSingin’ in the Rain

    Category: EntertainmentMunicipal Band

    Category: TheaterAbigail/1702

    16

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterSingin’ in the Rain

    Category: TheaterAbigail/1702

    Category: EntertainmentFeral Kizzy

    Category: TheaterPick of the Vine-Season 13: Private Lives

    17

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterSingin’ in the Rain

    Category: EntertainmentPiano Nights with Rob Klopfenstein

    Category: TheaterA Chorus Line

    Category: TheaterAbigail/1702

    Category: TheaterJesus Christ, Superstar

    Category: CommunityMeet the Grunion

    Category: TheaterPrivate Lives

    Category: TheaterThe Last Jimmy: A Hip Hop Musical

    18

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterSingin’ in the Rain

    Category: CommunityLove Long Beach Festival

    Category: ArtSextet

    Category: CommunitySummer Saturday

    Category: TheaterDonnie Darko

    Category: TheaterThe Birds

    Category: TheaterA Chorus Line

    Category: TheaterJesus Christ, Superstar

    Category: TheaterPrivate Lives

    Category: EntertainmentViernes 13

    19

    Category: TheaterTE San Pedro Rep’s Celebration Series

    Category: TheaterSingin’ in the Rain

    Category: EntertainmentDuane Peters Gunfight

    Category: TheaterJesus Christ, Superstar

    Category: TheaterPrivate Lives

    Category: ArtJohn Elgin Woolf: Master of Hollywood Regency

    20

    Category: TheaterSingin’ in the Rain

    Category: TheaterAbigail/1702

    21

    Category: TheaterSingin’ in the Rain

    Category: EntertainmentiPalpiti in the South Bay

    Category: TheaterAbigail/1702

    22

    Category: TheaterSingin’ in the Rain

    Category: TheaterAbigail/1702

    23

    Category: TheaterSingin’ in the Rain

    Category: TheaterAbigail/1702

    Category: TheaterMovie on the Water

    24

    Category: TheaterSingin’ in the Rain

    Category: ArtUntitled: San Pedro

    Category: EntertainmentMexico 68

    Category: EntertainmentPiano Nights with Rob Klopfenstein

    Category: TheaterAbigail/1702

    Category: TheaterJesus Christ, Superstar

    25

    Category: TheaterSingin’ in the Rain

    Category: TheaterJesus Christ, Superstar

    26

    Category: TheaterSingin’ in the Rain

    Category: TheaterJesus Christ, Superstar

    27

    Category: TheaterAbigail/1702

    28

    Category: TheaterAbigail/1702

    29

    Category: TheaterAbigail/1702

    30

    Category: TheaterAbigail/1702

    31

    Category: EntertainmentPiano Nights with Rob Klopfenstein

    Category: TheaterAbigail/1702

    Category: TheaterJesus Christ, Superstar

    1

    Category: TheaterJesus Christ, Superstar

  • Get Home Delivery!

    Get Home Delivery!
  • Join the RLn Network

    Subscribe Today:


    Options


  • Reset The Net: Protect Your Privacy

    Reset The Net: Protect Your Privacy