December 6, 2021

Volume XI, Number 340

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December 06, 2021

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Stabenow Calls for Finalized Commodity Futures Trading Commission (CFTC) Rules

Sen. Debbie Stabenow is urging the nation’s chief financial regulators to implement the Wall Street Reform and Consumer Protection Act. Stabenow, chairwoman of the U.S. Senate Committee on Agriculture Nutrition and Forestry, said at a recent oversight hearing that failures of firms like Peregrine Financial Group and MF Global, as well as trading losses at JP Morgan and the ongoing LIBOR scandal, all emphasize the need to implement the bill, which was passed by Congress more than two years ago.

“Many derivatives are still trading in the dark and some financial institutions are still taking risks that threaten our economy,” she said. “We need these markets to have integrity and market participants need certainty so they can plan for compliance and make business decisions for the coming months and years. Businesses, farmers and ranchers need to know these markets are safe for trading and hedging risk. And American families need to know their jobs aren’t going to disappear - again - because of excessive risk-taking by a reckless few."

© 2021 Varnum LLPNational Law Review, Volume II, Number 242
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About this Author

Aaron M. Phelps, Varnum, litigation attorney
Partner

For over 15 years, Aaron's practice has been focused on complex commercial and environmental litigation - in Michigan and around the country. Aaron has represented clients in contract and corporate governance disputes, telecommunications and energy matters, health care litigation, and tort actions.

Over the last five years, Aaron has represented over 200 companies in lawsuits against Blue Cross Blue Shield of Michigan for ERISA violations. The first trial resulted in a $6 million judgment, and subsequent judgments ranged from $315,000 to over $8 million. Currently...

616-336-6257
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