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 ClintonLawrence SummersPhil GrammAlan GreenspanWall Street derivatives dealersderivativesderegulationcfmafinancial-crisiscredit-default-swaps+1 more
In the early evening of Friday, December 15, 2000, with Christmas recess only hours away and the presidential election still unresolved, the U.S. Senate rushes to pass an essential 11,000-page government reauthorization bill. Senator Phil Gramm of Texas inserts a complex 262-page amendment - the …
Phil GrammU.S. SenateU.S. House of RepresentativesBill ClintonEnron Corporationderivativescfmalegislative-corruptionenron-loopholelame-duck+2 more
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 SummersRobert RubinAlan GreenspanArthur LevittBill Rainer+1 morederivativesderegulationcfmafinancial-crisisregulatory-capture+2 more
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 SummersBill ClintonRobert RubinU.S. SenateWall Street Derivatives Dealerstreasuryderivativesderegulationrevolving-doorfinancial-crisis+2 more