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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: tejek who wrote (262325)7/20/2010 10:15:16 AM
From: Les HRead Replies (1) of 306849
 
Those two laws were mainly CYA moves. The government had already been granting regulatory waivers for WS banks in these areas.

FS Modernization Act was drafted and passed after the Clinton Treasury and the Fed had already rubberstamped the merger of Citigroup and Travelers in spite of Glass-Steagall.

Commodity Futures Modernization was drafted and passed in 2000 after the CFTC and other regulators had already been exempting derivatives from states laws, specifically the exemption of credit default swaps from state insurance laws.

"The CFMA continued an existing 1992 preemption of state laws that prevented any such law from treating eligible OTC derivatives transactions as gambling or otherwise illegal. It also extended that preemption to security-based derivatives that had previously been excluded from the CEA and its preemption of state law.[6]"

en.wikipedia.org
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