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Wall Street lobbying hard to keep derivatives trading outside of regulation

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Of course they are. They know that they have the Republicans who will do whatever they want and way too many Democrats who will join the party. Let's remember that Dodd-Frank is already a weak attempt to regulate and still nowhere near the old regulations that Clinton and the GOP shredded in the late 1990's. This is an industry that remains above the law and this really has to stop.

More than half of the derivatives- trading business of Goldman Sachs Group Inc. (GS), Morgan Stanley and three other large banks could fall largely outside the Dodd- Frank Act if they succeed in lobbying regulators to exempt their overseas operations, government records show. The debate over the reach of Dodd-Frank has been among the most contentious aspects of the regulatory overhaul enacted by President Barack Obama after the 2008 credit crisis. The banks have met with regulators, testified to Congress and filed dozens of letters contending that they will suffer a competitive disadvantage if the regulations apply to their foreign arms. Banking lobbyists have been gaining traction with their argument that a combination of U.S. supervision of their holding companies and foreign supervision of their operations abroad is sufficient to oversee risk to the financial system.

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