If you're represented by Susan DelBene, Denny Heck, Rick Larsen or Derek Kilmer
You miight want to call their offices and ask them why they voted to weaken Dodd/Frank's strictures on derivitave trading. Apparently the legislation was written by Wall Street lobbyists.
The Swap Jurisdiction Certainty Act, or--as former Golden Sachs programmer and current Occupy Wall Street activist called it---the "Intimidate the CFTC ACT"--changes how derivatives are regulated. One should immediately see warning lights by the word "certainty" with its echoes of the language that banks and polluters always use when they want to gut regulations--in the name of certainty, never self-interest. The bill first would force the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to "harmonize" their rules governing derivatives, i.e., adopt the weaker rules of the SEC. However, there's more danger in the bill because it would exempt foreign trades from regulation. In an article this morning in the Washington Post, Goldstein explains,
It makes a crucial, and dangerous, blanket assumption: If a U.S. bank does derivatives trading in one of the nine largest swaps markets, that country’s rules are assumed to be as strong as the United States’, so the U.S. rules need not apply.
http://www.dailykos.com/story/2013/06/12/1215805/-Which-73-Democrats-Just-Voted-to-Gut-Dodd-Frank-Today
Here's a link to the original article in the WaPo
http://www.washingtonpost.com/opinions/alexis-goldstein-the-intimidate-the-ctfc-act/2013/06/12/18451f48-d374-11e2-a73e-826d299ff459_story_1.html
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