The Federal Financial Forum

From: Christian Science Monitor

The main regulator of derivatives (bets on bets), wants to extend Dodd-Frank regulations to the foreign branches and subsidiaries of Wall Street banks. But JPMorgan CEO Jamie Dimon would greatly prefer this not happen.

By Robert Reich

The Commodity Futures Trading Commission, the main regular of derivatives (bets on bets), wants to extend Dodd-Frank regulations to the foreign branches and subsidiaries of Wall Street banks.

Horror of horrors, say the banks.

“If JPMorgan overseas operates under different rules than our foreign competitors,” warned Jamie Dimon, chair and CEO of JP Morgan, Wall Street would lose financial business to the banks of nations with fewer regulations, allowing “Deutsche Bank to make the better deal.”

From: Market News International

By Denny Gulino

WASHINGTON (MNI) – Federal Reserve Gov. Daniel Tarullo Tuesday warned that money market funds, triparty repos and securities lending “all share a common underlying pathology,” the illusion that they are almost as risk free as cash, and regulation must address mispricing, run risk and potential moral hazard.

Speaking via satellite to a San Francisco Fed conference, Tarullo acknowledged that there are “ongoing disagreements concerning the roles of various factors contributing to the rapid growth of the shadow banking system, the precise dynamics of the runs in 2007 and 2008, and the relative social utility of some elements of this system.”

* Bair left post as FDIC chairman last year

* Will lead Systemic Risk Council, private group

* Group will monitor reforms, work of FSOC

* Paul Volcker, Brooksley Born also part of group

WASHINGTON, June 6 (Reuters) – Sheila Bair, who helped steer the U.S. financial system through the recent credit crisis, is forming a new private-sector group called the Systemic Risk Council to try to accelerate reforms.

A former chairman of the Federal Deposit Insurance Corp, Bair will team up with former U.S. Federal Reserve Chairman Paul Volcker, former Commodity Futures Trading Commission Chairman Brooksley Born and other experts to advise current regulators about risks to financial markets.

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• DOT – http://www.thecre.com/pdf/benchmark.pdf
• NMFS – http://www.thecre.com/forum1/wp-content/uploads/2011/04/esapestartpredissemination.pdf also/or http://www.thecre.com/forum1/?p=120
• MMS – http://www.thecre.com/forum1/wp-content/uploads/2011/04/esapestartpredissemination.pdf
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• FDA – http://www.thecre.com/pdf/2008_CRE_BPA_Recommendations.pdf

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By MARCY GORDON, AP Business Writer

WASHINGTON (AP) — Federal regulators and lawmakers are renewing the focus on financial regulation in the wake of a multibillion-dollar trading loss at JPMorgan Chase & Co.

News of the surprise loss at JPMorgan, the biggest U.S. bank by assets, has revived calls by Obama administration officials and Democratic lawmakers for tougher oversight of Wall Street banks. But Republicans insist that the 2010 financial overhaul law won’t prevent another crisis and will drive business overseas. Regulators are still drafting rules for much of the law, and they have been lobbied by big banks to water down key areas.