For Immediate Release
Take Action to Put to Put an End to Shadow Banking!
WASHINGTON - The opaque “over-the-counter” derivatives market helped turn the collapse of the U.S. housing bubble into a global economic catastrophe. The Dodd-Frank Wall Street reform law drags the shadowy derivatives market out into the light of day, forcing the big banks to trade on open exchanges and to put real money behind their bets.
Now the Wall Street lobbyists are working feverishly behind the scenes to punch a series of loopholes into the law during the agency rulemaking process. This week, they are focusing on changing the definition of “end-users” so that big banks can continue their risky trades in the shadows.
Let regulators know you are watching. Send the letter below to Gary Gensler, the Chairman of the Commodities Futures and Exchange Commission (CFTC), and tell him to say “no” to the big banks and their billion-dollar loopholes!