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
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 RubinLawrence SummersAlan GreenspanTime MagazineBrooksley Bornderivativesderegulationfinancial-crisismedia-propagandaregulatory-capture+2 more
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 BornRobert RubinLawrence SummersAlan GreenspanArthur Levittderivativescftcregulatory-capturefinancial-crisissystemic-risk+2 more
On her final day as Chair of the Commodity Futures Trading Commission, Wendy Gramm approves a regulatory exemption allowing Enron to trade energy derivatives without CFTC oversight. The exemption, granted on January 14, 1993 (some sources cite January 21, the final day of the George H.W. Bush …
Wendy GrammPhil GrammEnron CorporationCFTC Commodity Futures Trading CommissionKenneth Layderivativescorruptionrevolving-doorenronenergy-trading+3 more