Activists around the world converge on the first of May (“May Day”) every year to advocate for social justice issues such as economic and labor rights, immigration reform and civil liberties.
Today, May 1, 2013, Occupy the SEC partakes in this activist tradition by petitioning members of the House Financial Services Committee to promote the interests of the general public in considering changes to the Dodd-Frank Act of 2010 specific to swaps regulation.
The recent burgeoning of highly toxic and largely unregulated swap contracts led to the Global Recession of 2008, which was the worst financial crisis since the Great Depression of the 1930’s. Congress passed Title VII of the Dodd-Frank Act of 2010 to reform the swaps market. To this date, Title VII has yet to be completely finalized by the relevant regulatory agencies.
Nevertheless, the House Financial Services Committee, buckling under deregulatory pressure that has been brought to bear by the financial services lobby, is considering a slew of bills that would gut various components of Title VII’s swaps oversight.
Occupy the SEC has analyzed these bills and today issued a letter to the House Financial Services Committee with its recommendations. In general, OSEC recommends that the House forebear from passing premature amendments or modifications to the Dodd-Frank as the law has yet to be fully implemented or enforced.
OSEC’s letter is available at: http://www.occupythesec.org/files/OSEC_Title_VII_Bills.pdf