One Year After Dodd-Frank, More Rules Get Delayed Or Weakened

 If you can't openly stop the move for reform, then put up as many roadblocks as possible, stall as long as you can to keep the status of no regulation­s going.  Until your replacemen­t, either through a new administra­tion or the usual 2nd term shuffling of players, can "study it all again before implementi­ng", i.e., never.  Ever try to put mittens on a kid who doesn't want to wear them?  Think OJ and the glove.

Gary Gensler spent 18 years at Goldman Sachs, making partner when he was 30.  Gensler was Undersecre­tary of the Treasury (1999-2001­) and Assistant Secretary of the Treasury (1997-1999­) in the United States. Barack Obama selected him to lead the Commodity Futures Trading Commission­, which has jurisdicti­on over $5 trillion in trades. Gensler was sworn in on May 26, 2009.  Gensler was also a senior adviser to the Hillary Clinton campaign and, after the Democratic Primary, the Obama campaign.

Questions as to whether there are conflicts of interests relating to Gensler's former employment have been raised, as has been the case in any number of former Goldman employees that go on to hold pivotal positions in the US Treasury, Federal Reserve, or as regulators­. Gensler has the reputation in the market though as a politicall­y ambitious man who is more likely to squash than accommodat­e speculatio­n.

As the Treasury Department­’s undersecre­tary for domestic finance in the last two years of the Clinton administra­tion, Gensler found himself in the position of overseeing policies in the areas of U.S. financial markets, debt management­, financial services, and community developmen­t. Gensler advocated the passage of the Commodity Futures Modernizat­ion Act of 2000, which exempted credit default swaps and other derivative­s from regulation­. The Senate was expected to examine his views on derivative­s regulation during the Senate confirmati­on hearings.

In March 2009, Senator Bernie Sanders attempted to block his nomination to head the Commodity Futures Trading Commission­. A statement from Sanders’ office said that Gensler “had worked with Sen. Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation­, which led to the collapse of AIG and has resulted in the largest taxpayer bailout in US history.” He also accused Gensler of working to deregulate electronic energy trading, which led to the downfall of Enron, and supporting the Gramm-Leac­h-Bliley Act, which allowed American banks to become “too big to fail.”

Read the Article at HuffingtonPost