Politics

Is Geithner Planning a Stealth Attack on the Wall Street Reform Bill?

By Mary Bottari

Champions of financial reform who fought hard for a strong Wall Street reform bill this year know they cannot let down their guard. They are tracking and countering the moves of the big banks as they try to weaken the Dodd-Frank law during the implementation phase. They are bracing for a battle with Republicans who are threatening to repeal key parts of the law. What they were not expecting was a rear-guard attack on the recently passed measure from the Obama administration.

Rumors are rampant in Washington, D.C. that Tim Geithner's first act as the new head of the Financial Stability Oversight Council (FSOC), the high-level body created to bring stability to the financial system, will be to blow a hole in the Dodd-Frank law. Evidently, Geithner is interested in exempting the $24 trillion ? that is trillion with a ?t? ? foreign exchange (or forex) market from the clearing and transparency requirements of the act.

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Full post as published by PR Watch on October 06, 2010 (boomark / email).