Home > Economy > With Help of Democrats, Regulators Move to Gut ‘Last Line of Defense’ Against Wall Street Gambling | CommonDreams

With Help of Democrats, Regulators Move to Gut ‘Last Line of Defense’ Against Wall Street Gambling | CommonDreams

by Jake Johnson

In a move policy analysts and progressives warned could drastically increase the risk of another financial collapse, two Democratic regulators appointed by Senate Minority Leader Chuck Schumer (D-N.Y.) joined their GOP colleagues in pushing the Federal Reserve to weaken safeguards that limit Wall Street’s dangerous gambling.

“We are barely a decade from the greatest fiasco of financial over-leveraging in history, and we are already unlearning its most obvious lessons.”
—David Adler, DiEM25

“At issue is the supplementary leverage rule, which was adopted in the aftermath of the 2008 collapse as a last line of defense against financial excess,” HuffPost‘s Zach Carter reported Tuesday. “Four out of five top officials at the Commodity Futures Trading Commission want the Fed to lower leverage requirements by changing the way the officials treat derivatives.”

Read more here: With Help of Democrats, Regulators Move to Gut ‘Last Line of Defense’ Against Wall Street Gambling

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