Follwing the obvious failure of JPMorgan’s attempt to regulate itself, Congress is about to vote on bogus Big Bank-bankrolled bills that would expose our economy to even more of these banks’ reckless risks.
The two bills are H.R. 1838, the “Swaps Bailout Prevention Act” and H.R. 3238, the “Swap Jurisdiction Certainty Act.” Very real threats to our economy lurk behind the vague, technical sounding names of these bills. H.R. 1838 explicitly allows bailouts for bad swap deals. H.R. 3283 removes U.S. regulations for U.S. swaps conducted abroad.
Together, these bills would open gaping loopholes in the Dodd-Frank Wall Street reform law’s derivatives provisions.
If these bills pass, overseas derivatives transactions (such as those made with JPMorgan Chase’s London office) will be exempt from regulation.
Tell your representative: Vote NO on H.R. 3238 and H.R. 1838.
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