Fed Up With The Fed-Dodd & Cantwell Reform

Sen. Chris Dodd and Sen. Maria Cantwell are both introducing legislation in the Senate to reform the financial markets by regulating derivatives. Dodd wants to create a new agency that will assume much of the Fed's unused watchdog authority and Cantwell wants the states to regulate derivatives as the gambling that that market is. Dylan Ratigan is the host of Morning Meeting and interviews both senators.
Sen. Cantwell press release (http://cantwell.senate.gov/news/record.cfm?id=319845) Today, U.S. Senator Maria Cantwell (D-WA), together with Senators Ron Wyden (D-OR) and Bernie Sanders (I-VT), proposed legislation empowering state gambling regulators and attorneys general to examine unregulated derivatives trading and take appropriate action to protect citizens from practices which can harm the foundations of our economy. As part of a broader effort by Congress to pass comprehensive financial regulatory reform, Cantwells proposal treats derivatives trading for what it is: a sophisticated form of gambling.

Category:

News & Politics

Tags:

• Maria Cantwell
• Chris Dodd
• Dylan Ratigan
• Morning Meeting
• derivatives
• market reform
• Fed
• Bernie Sanders
• Ron Wyden
• state gambling regulators

[milkman52879]

Dodd is a tool bag. His legislation will reverse important measures in the Fed Res oversight bill HR1207 that passed with an overwhelming bi-partisan majority. His bill actually gives the Fed more power.