Lawrence Summers

Clinton Signs Commodity Futures Modernization Act, Cementing Derivatives Deregulation

2000-12-21 00:00:00 +0000 UTC | Importance: 10/10

President Bill Clinton signed the Commodity Futures Modernization Act (CFMA) into law on his last day before Christmas recess, completing the deregulation of the derivatives market that Brooksley Born had warned against two years earlier. The legislation, inserted into a 10,000-page authorization …

Bill Clinton Lawrence Summers Phil Gramm Alan Greenspan Wall Street derivatives dealers derivatives deregulation cfma financial-crisis credit-default-swaps +1 more

President's Working Group Recommends Exempting $80 Trillion Derivatives Market from Regulation

1999-11-05 00:00:00 +0000 UTC | Importance: 9/10

The President’s Working Group on Financial Markets issues a unanimous report recommending that over-the-counter derivatives be explicitly exempted from federal regulation, directly repudiating CFTC Chair Brooksley Born’s 1998 warnings about systemic risk. The report is signed by Treasury …

Lawrence Summers Robert Rubin Alan Greenspan Arthur Levitt Bill Rainer +1 more derivatives deregulation cfma financial-crisis regulatory-capture +2 more

Lawrence Summers Becomes Treasury Secretary, Accelerates Derivatives Deregulation Campaign

1999-07-02 00:00:00 +0000 UTC | Importance: 8/10

The U.S. Senate confirms Lawrence Summers as the 71st Secretary of the Treasury, replacing Robert Rubin and continuing the aggressive deregulation agenda. Summers had spent the previous year as Deputy Secretary orchestrating opposition to derivatives regulation, including making an “irate …

Lawrence Summers Bill Clinton Robert Rubin U.S. Senate Wall Street Derivatives Dealers treasury derivatives deregulation revolving-door financial-crisis +2 more

Time Magazine Celebrates "Committee to Save the World" While They Block Derivatives Regulation

1999-02-15 00:00:00 +0000 UTC | Importance: 8/10

Time Magazine publishes its February 15, 1999 edition featuring Treasury Secretary Robert Rubin, Deputy Secretary Lawrence Summers, and Federal Reserve Chairman Alan Greenspan on the cover as “The Committee to Save the World,” celebrating their management of the 1997-1998 Asian and …

Robert Rubin Lawrence Summers Alan Greenspan Time Magazine Brooksley Born derivatives deregulation financial-crisis media-propaganda regulatory-capture +2 more

Brooksley Born's Derivatives Regulation Warning Systematically Suppressed

1998-05-07 00:00:00 +0000 UTC | Importance: 10/10

CFTC Chair Brooksley Born issued a concept release seeking public comment on regulating the $29 trillion over-the-counter derivatives market, warning of systemic risks from unregulated trading. Within hours, Treasury Secretary Robert Rubin, Federal Reserve Chairman Alan Greenspan, and SEC Chairman …

Brooksley Born Robert Rubin Lawrence Summers Alan Greenspan Arthur Levitt derivatives cftc regulatory-capture financial-crisis systemic-risk +2 more