Page 21 - Oil and Energy January 2013
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January 2013 • 21
would be tremendous anger over the use of
taxpayer money to fix Wall Street and put it
back in a position of strength. None of that
bailout has benefited Main Street. Even as
we speak, [U.S. Federal Reserve Chairman
Ben] Bernanke is distressed about the
stringent lending practices of the big banks
as a drag on improving economic prospects
for Main Street. President Obama needs to
spell out the importance of strengthening
Dodd-Frank and how that will benefit the
individual taxpayer and consumer. We’ve
only built on the anger, but uninformed
anger does not delineate a clear policy path.
If the American public fully understood
Wall Street shenanigans that are in use
today they would be much more interested
in the implementing and strengthening of
Dodd-Frank.
Also, Elizabeth Warren’s election is a big
benefit, along with the elections of Sherrod
Brown in Ohio, Bill Nelson in Florida and
Chris Murphy in Connecticut. I think those
individuals all will be very supportive of the
progressive momentum that will swing the
balance of policy in favor of Main Street and
away fromWall Street. A lot will also depend
on who the next Secretary of the Treasury
is. I think it’s imperative we have someone
who is more supportive of financial reform
than Timothy Geithner has been.
O&E:
Please assess the progress to date on the
promulgation of reform regulations. How
effective is Wall Street’s obstructionism?
MG:
I’m not one who has begrudged the
time needed by the CFTC to get the regula-
tions out. I think the task they were given
in Dodd-Frank was Herculean. They were
called on essentially to take a previously
unregulated over-the-counter derivatives
market of about $240 trillion notional value
and to create and implement a regulatory
scheme that makes that market transparent
and properly capitalized and collateralized.
There is still work to be done. It’s a hard
job, and the CFTC has not been given the
funding it needs.
I’m not complaining about the amount
of time it takes to get the regulations in
shape. Wall Street has, as I said, a complete
slash-and-burn mentality over preventing
the implementation of Dodd-Frank as
Congress intended, and Wall Street is fully
supported by the Republican Party, which
is seeking the stunting of Dodd-Frank
whether through under-funding of the
regulators or amendments that have a very
unfriendly intent in terms of enforcing
Dodd-Frank. If the Republicans could, they
would repeal Dodd-Frank wholesale.
Also the CFTC, for example, has
been hurt by the Treasury Department
not providing full-throated support for
Dodd-Frank. Not all the regulations have
been promulgated, and those that have
are essentially favorable to Main Street.
There are still some regulations that need
to be implemented. I believe the position
limits rule to limit excessive speculation
was an important part of the statute, and
Wall Street was successful in having that
completely enjoined by a federal district
court. I think that was a big, big piece of
damage done to the statute.
I think one positive thing that has
occurred is that the CFTC has chosen to
appeal [the position limits ruling]. There
were many who were supporters of posi-
tion limits who advised against appealing,
and I think it was important to appeal.
I think the District Court judge was wrong,
and it’s important for the agency to show
Continued …
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