Reckless Wall Street derivatives trading helped collapse the economy, costing Americans 8 million lost jobs and $14 trillion in lost household wealth. The Dodd-Frank Wall Street reform law cracks down on the speculators and high rollers, brings transparency to dark markets and forces the big banks to put real money behind their bets.

Now the Wall Street lobbyists are working feverishly behind the scenes to punch a number of loopholes into the law during the agency rulemaking process.  New House Financial Services Committee chairman Spencer Bachus (R-Al.), has promised to go “piece by piece, provision by provision” through the law to determine what “changes” need to be made. In particular, Bachus wants to allow banks to go back to their old tricks that help bank executives take home big bonuses by creating risks that can bring down the financial system.

Its important for the regulators to hear from people concerned about the public interest, not just industry lobbyists. Send the letter below to Gary Gensler the Chairman of the Commodities Futures and Exchange Commission and tell him how important it is to say “no” to the big banks and their billion-dollar loopholes!

Here’s how you can help:
Follow this link to submit your comment to the CFTC.

2. Cut and paste the SAMPLE COMMENT that follows this message into the comment box. Fill out all the required information. In the required field that asks for your “Organization Name” please write your own name.
3. Click “Submit.”


Dear Chairman Gensler:

Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)

The big banks and their allies are pushing for changes in the transparency requirements of Dodd-Frank that would throw important trades back into the shadows. Specifically, they are calling for exemptions for a very broad array of companies from the clearing and margin requirements of the act.

Dodd-Frank already contains an exception for legitimate end-users, such as airlines and farmers, who are doing commercial hedging as part of their business from clearing and exchange trading requirements.

We must not broaden this narrow, commonsense exception to include financial and commercial institutions that want to gamble in the derivatives markets. Doing so would allow systemically important companies to enter into risky trades in a market with zero transparency and accountability.

This is exactly the kind of murky shadow banking that led to the meltdown – as every objective observer of our present financial situation well knows.  Please implement Dodd-Frank as written and do not give in to the pressure to weaken the legislation in the rulemaking process.

Thank you!

Thanks for your help!

Americans for Financial Reform

Sent by Americans for Financial Reform
1629 K Street NW, 10th Floor, Washington, DC 20006 – (202) 466-3311

8 Responses

  1. leapfrog, you’re correct. Bachaus was the sponsor of the notary in the dark bill.

    Listening to an interview with street insider Nomi Prins, she was asked about the revolving door between the street and the hill. She said, “There is no revolving door. They’re in the same building.”

  2. I think that Bachus creature was co-author with Booby Aderholt on the HR 3808 bill also. Remember the “Interstate Commerce” (MERS whitewash) attempt? Nothing good for the consumer or constituent comes from these two. I don’t understand why they are re-elected time and again.

  3. In an effort of fairness, I’ll correct myself. It wasn’t Sachs who napalmed Alabama for rep. Bauchus, it was JPMC. And it was a $250 million project that escalated to over $3 billion.

    Sachs was given $3 million just to “stay the **** away!” Chase wanted to make sure that they were the only pillagers in the area. Besides, there are only so many billions one can make in the course of everyday business.

  4. I sent mine & used the canned form, but I can never resist spicing these things up with my own personal touch/comments. I suggest everyone add a few comments of their own to the end of the form letter. It felt quite good, even if nothing comes of it.

  5. ANON, the media networks are beholden to the advertising revenues they collect. Therein lies the reason the drive-bye media ignores the meltdown/mortgage fraud/foreclosure fraud story.

    The revolt against austerity measures by public-employee unions represents more of the ruling-class making sure no one touches what they have, which is pretty much everything right now.

    The lobbyists carry suitcases full of cash. We don’t. What we do have is a bunch of newly-elected Republican governors and representatives. Start contacting your representatives. Blast the governor with e-mails; forward articles (like the ones we read every day) to these politicians. PUT IT ON THEIR PLATE! Let them know that their job security lies in their performing for their constituents, not the lobbyists.

    And this Spencer Bachus guy, he needs to go. Alabama should be embarassed.

  6. Dear Chairman Gensler:

    Could you please explain to me how rep. Spencer Bachus, who, according to Matt Tabbi’s Rolling Stone article, led a scorched earth campaign against his own constituents in Alabama, costing them billions of dollars in a waterworks program that was only supposed to be in the half million dollar range, that they and their children will be paying for for life, how it is that he became the chair of the Financial Services committee? The most grafted position in governments history? Any governments history?

    Could there possibly be a connection with the fact that Goldman Sachs was the recipient of the billions of dollars that poor Alabamans had to dole out because of this cozy relationship between the masters of the universe i.e. Sachs, and the minions of the universe i.e. congress?

    Thank you,
    Disenfranchised American

  7. Our direct concern with derivatives is that they conceal the identity of the current creditor debt buyer who purchased collection rights to charged-off loans at a fraction of the cost the pretend lender claims the borrower still owes.

    Also see new article out today by Associated Press “Six-of-the-biggest-mortgage-lenders-say-NJ high-court-overstepped-its-boundaries”

    Those in control like to spin the record in order to still get their way. The NJ high court asked for an explanation of the entire process of foreclosures as to irregularity. This request included irregularity in assignments. However, banks have responded to the court focusing only on verification of “payment history.” This is what the banks claim they are “fixing” as to foreclosure filings. The banks are ignoring that the NJ court is also asking for verification of entire chain of assignments.

    The banks will redirect issues to the issue they WANT to address. Unfortunately, the media believes what ever the banks say. Banks like things just the way they are/were — no questions asked – and lots of exemptions. .

  8. Unfortunately, Gensler is appointed not elected so his constituency is someone other than the American people…..we can guess who…follow the money

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