Warren Blasts "Back-Slapping" Wall Street Insiders

[eridani]

http://www.commondreams.org/news/2016/02/26/warren-blasts-back-slapping-wall-street-insiders

Wall Street insiders are trying to write their own rules and Sen. Elizabeth Warren wants them stopped, according to a letter (pdf) by the senator published Thursday.

In the Massachusetts Democrat's letter, a response to a report (pdf) criticizing trading restrictions known as "position limits," she accused a government advisory committee of reflecting "the highest hopes of industry."

The report by the Energy and Environmental Markets Advisory Committee (EEMAC), an advisory committee to the Commodity Futures Trading Commission (CFTC), recommended doing away with plans to impose limits on excessive speculation. "Such a reversal on so-called position-limits rules," the New York Times observed, "if ultimately adopted by the agency, would hand a big victory to Wall Street."

"This report, which bears the official stamp of a CFTC committee," the senator wrote, "is nothing more than a recitation of industry talking points, and it should be treated as such."

Position limits are "designed to curb runaway speculation in oil, gas, and other energy markets," David Dayen wrote in the New Republic, and the recent EEMAC report argued that such regulations are "not demonstrably necessary."

Position limits are required by the Dodd-Frank financial reform law, but like many of the law's requirements the limits have not yet been imposed.

[Mbrow]

1. K&R

[cantbeserious]

2. Maintaining The Status Quo For Oligarchs, Corporations And Banks Is The Limit Of HRC's Vision

eom