“Nearly four years after the financial crisis, many swaps are still trading in the dark while stronger capital and margin standards have yet to be finalized,” Stabenow said in a letter to regulators, according to Platts. “I understand that you have faced significant budgetary, political and legal headwinds, and certainly there are interests that would benefit from maintaining the status quo. However, we need to get this done—these markets must be transparent and accountable.”
Stabenow added that the committee plans to hold more hearings on the implementation of financial reforms mandated under the 2010 Dodd-Frank Act.
Some lawmakers recently criticized regulators’ efforts to implement financial regulations following MF Global’s collapse last year and JPMorgan Chase & Co.’s $2 billion trading loss announced earlier this month, Platts reports.
Sens. Carl Levin (D-Mich.) and Jeff Merkley (D-Ore.) sent a letter on Thursday urging regulators to dismiss calls by Wall Street groups to water down the controversial Volcker Rule, a Dodd-Frank provision that prohibits banks from engaging in proprietary trading.
Five senators sent a letter on Tuesday to the Commodity Futures Trading Commission and Securities Commission, stating that the finalization of position limits and swaps definitions was overdue, according to Platts.