Change U.S. Law on Banks and Commodities, Regulator Says.

[elleng]

Source: nyt/reuters

Congress should limit Wall Street's controversial role in commodity markets, and rewrite a law that gives banks broad leeway to own oil, metals and other raw materials, a senior U.S. regulator said on Friday.

The Federal Reserve, the top U.S. bank watchdog, is rethinking its policy of allowing banks to operate in commodity markets amid accusations they inflate the prices of items such as aluminum and electricity.

"I plan to urge that the law be amended by simply reversing the policies that allow for bank ownership," said Bart Chilton, a commissioner at the Commodity Futures Trading Commission (CFTC), the top U.S. derivatives regulator.



Read more: http://www.nytimes.com/reuters/2013/10/04/business/04reuters-banks-commodities.html?hp

[Veilex]

1. Should be done ASAP!!!

[legcramp]

2. Just repeal The Commodity Futures Modernization Act of 2000

It's the federal legislation that officially ensured the deregulation of financial products known as over-the-counter derivatives. It was signed into law on December 21, 2000 by President Bill Clinton.