Hal Rogers

Downsizing CFTC

Psst, Occupy Wall Streeters. I've got a new slogan for you: "Feed The Watchdog!" The Dodd-Frank financial-reform law gave the Securities and Exchange Commission lots of new regulatory responsibilities that House Republicans don't want it to have. Since they lack the votes to repeal Dodd-Frank, they're de-funding it instead. The SEC will have to make do with the same funding level it had in 2011. The same goes for the Commodity Futures Trading Commission. Under Dodd-Frank the CFTC is supposed to regulate derivatives. Remember derivatives? They helped sink the economy in 2008.

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It disappeared so quickly that it is easy to forget the bipartisan patriotism and common purpose that existed in Washington immediately after September 11, 2001. Perhaps the most memorable event from that period was the gathering of members of Congress from both parties on the steps of the Capitol to sing "God Bless America." Another such episode--little-noticed, but actually more remarkable--occurred the following month.

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