About 'financial reporting services'|Major British Legal News Reporting Service Suffering Financial Woes
ｂｙ ｕｎｃｌｅｔｕｍｂｌｅｗｅｅｄ ｈｔｔｐ://ｗｗｗ.ｐｂｓ.ｏｒｇ/ｗｇｂｈ/ｐａｇｅｓ/ｆｒｏｎｔｌｉｎｅ/ｓｈｏｗｓ/ｗａｌｌｓｔｒｅｅｔ/ｗｅｉｌｌ/ｄｅｍｉｓｅ.ｈｔｍｌ Ｉ ｇｉｖｅ ｙｏｕ ｔｈｅ ＵＲＬ ｂｅｃａｕｓｅ ｔｈａｔ ａｒｔｉｃｌｅ ｉｓ ｃｏｐｙｗｒｉｔｅｄ ａｎｄ Ｉ ｄｏ ｎｏｔ ｈａｖｅ ｐｅｒｍｉｓｓｉｏｎ ｔｏ ｒｅｐｒｏｄｕｃｅ ｉｔ. Ｔｏ ｊｕｓｔ ｇｉｖｅ ｙｏｕ ｅｘｃｅｒｐｔｓ ｏｒ ｑｕｏｔｅｓ ｗｏｕｌｄ ｎｏｔ ｄｏ ｊｕｓｔｉｃｅ ｔｏ ｔｈｅ ｆｉｎｅ ｊｏｂ ｄｏｎｅ ｂｙ ｔｈｅ ａｕｔｈｏｒ, ａｎｄ ＰＢＳ. Ｔｈｉｓ ｉｓ ａｎ ａｒｔｉｃｌｅ ｆｒｏｍ ＰＢＳ ｆｒｏｎｔｌｉｎｅ ｉｎ Ｍａｙ ｏｆ 2003 ｔｈａｔ ｏｕｔｌｉｎｅｓ ｔｈｅ Ｇｌａｓｓ-Ｓｔｅａｇａｌｌ Ａｃｔ ｆｒｏｍ ｉｔｓ ｂｅｇｉｎｎｉｎｇｓ ｔｏ ｉｔｓ ｕｎｔｉｍｅｌｙ ｄｅｍｉｓｅ ｉｎ Ｎｏｖｅｍｂｅｒ ｏｆ 1999 ｗｉｔｈ, ｔｈｅｎ ｐｒｅｓｉｄｅｎｔ, Ｗｉｌｌｉａｍ Ｊｅｆｆｅｒｓｏｎ Ｃｌｉｎｔｏｎ ｓｉｇｎｉｎｇ ｉｎｔｏ ｌａｗ ｔｈｅ Ｇｒａｍｍ-Ｌｅａｃｈ-Ｂｌｉｌｅｙ Ｆｉｎａｎｃｉａｌ Ｓｅｒｖｉｃｅｓ Ｍｏｄｅｒｎｉｚａｔｉｏｎ Ａｃｔ ｏｆ 1999. Ｔｈｉｓ ｌｅｇｉｓｌａｔｉｏｎ ｂｅｇａｎ ａｓ Ｓ 900 ａｎｄ Ｈ. Ｒｅｓ. 355. Ｉ ｈａｖｅ ｒｅｓｅａｒｃｈｅｄ ｔｈｅ ｃｏｎｇｒｅｓｓｉｏｎａｌ ｒｅｃｏｒｄ ｓｉｔｅ, ｆｏｒ ｄｏｃｕｍｅｎｔｓ ｒｅｌａｔｅｄ ｔｏ ｔｈｅｓｅ ｐｒｏｃｅｅｄｉｎｇｓ, ａｎｄ ｉｔ ｉｓ ａｌａｒｍｉｎｇ ｔｏ ｍｅ ｔｈａｔ ｔｈｅ ｃｕｒｒｅｎｔ ｂａｉｌｏｕｔ ｆｕｎｄｓ, ｆｒｏｍ Ｈ.Ｒ.1424, ａｒｅ ｂｅｉｎｇ ｐａｉｄ ｔｏ ｔｈｅ ｖｅｒｙ ｉｎｓｔｉｔｕｔｉｏｎｓ, ａｎｄ ｉｎｄｉｖｉｄｕａｌｓ, ｔｈａｔ ｈｅｌｐｅｄ ｂｒｉｎｇ ａｂｏｕｔ ｔｈｅ ｌｅｇｉｓｌａｔｉｏｎ ｔｈａｔ ｐｅｒｍｉｔｔｅｄ ｔｈｅ ｃｕｒｒｅｎｔ ｅｃｏｎｏｍｉｃ ｄｅｂａｃｌｅ ｔｏ ｈａｐｐｅｎ! Ｔｈｏｓｅ ｖｅｒｙ ｓａｍｅ ｉｎｓｔｉｔｕｔｉｏｎｓ ｆｒｅｑｕｅｎｔｌｙ ｐａｒｔｉｃｉｐａｔｅｄ ｉｎ ｔｈｅ ｌｅｇｉｓｌａｔｉｖｅ ｐｒｏｃｅｓｓｅｓ ｂｒｉｎｇｉｎｇ Ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｆｕｔｕｒｅｓ Ｍｏｄｅｒｎｉｚａｔｉｏｎ Ａｃｔ ｔｏ ｂｅｉｎｇ ｐａｓｓｅｄ ｉｎｔｏ ｌａｗ. 106ＴＨ ＣＯＮＧＲＥＳＳ 2Ｄ ＳＥＳＳＩＯＮ Ｈ. Ｒ. 5660 Ｔｏ ｒｅａｕｔｈｏｒｉｚｅ ａｎｄ ａｍｅｎｄ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｅｘｃｈａｎｇｅ Ａｃｔ ｔｏ ｐｒｏｍｏｔｅ ｌｅｇａｌ ｃｅｒｔａｉｎｔｙ, ｅｎｈａｎｃｅ ｃｏｍｐｅｔｉｔｉｏｎ, ａｎｄ ｒｅｄｕｃｅ ｓｙｓｔｅｍｉｃ ｒｉｓｋ ｉｎ ｍａｒｋｅｔｓ ｆｏｒ ｆｕｔｕｒｅｓ ａｎｄ ｏｖｅｒ-ｔｈｅ-ｃｏｕｎｔｅｒ ｄｅｒｉｖａｔｉｖｅｓ, ａｎｄ ｆｏｒ ｏｔｈｅｒ ｐｕｒｐｏｓｅｓ. ＩＮ ＴＨＥ ＨＯＵＳＥ ＯＦ ＲＥＰＲＥＳＥＮＴＡＴＩＶＥＳ ＤＥＣＥＭＢＥＲ 14, 2000 Ｍｒ. ＥＷＩＮＧ (ｆｏｒ ｈｉｍｓｅｌｆ, Ｍｒ. ＣＯＭＢＥＳＴ, Ｍｒ. ＬＥＡＣＨ, Ｍｒ. ＬＡＦＡＬＣＥ, ａｎｄ Ｍｒ. ＢＬＩＬＥＹ) ｉｎｔｒｏｄｕｃｅｄ ｔｈｅ ｆｏｌｌｏｗｉｎｇ ｂｉｌｌ; ｗｈｉｃｈ ｗａｓ ｒｅｆｅｒｒｅｄ ｔｏ ｔｈｅ Ｃｏｍｍｉｔｔｅｅ ｏｎ Ａｇｒｉｃｕｌｔｕｒｅ, ａｎｄ ｉｎ ａｄｄｉｔｉｏｎ ｔｏ ｔｈｅ Ｃｏｍｍｉｔｔｅｅｓ ｏｎ Ｂａｎｋｉｎｇ ａｎｄ Ｆｉｎａｎｃｉａｌ Ｓｅｒｖｉｃｅｓ, Ｃｏｍｍｅｒｃｅ, ａｎｄ ｔｈｅ Ｊｕｄｉｃｉａｒｙ, ｆｏｒ ａ ｐｅｒｉｏｄ ｔｏ ｂｅ ｓｕｂｓｅｑｕｅｎｔｌｙ ｄｅｔｅｒｍｉｎｅｄ ｂｙ ｔｈｅ Ｓｐｅａｋｅｒ, ｉｎ ｅａｃｈ ｃａｓｅ ｆｏｒ ｃｏｎｓｉｄｅｒａｔｉｏｎ ｏｆ ｓｕｃｈ ｐｒｏｖｉｓｉｏｎｓ ａｓ ｆａｌｌ ｗｉｔｈｉｎ ｔｈｅ ｊｕｒｉｓｄｉｃｔｉｏｎ ｏｆ ｔｈｅ ｃｏｍｍｉｔｔｅｅ ｃｏｎｃｅｒｎｅｄ Ａ ＢＩＬＬ Ｔｏ ｒｅａｕｔｈｏｒｉｚｅ ａｎｄ ａｍｅｎｄ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｅｘｃｈａｎｇｅ Ａｃｔ ｔｏ ｐｒｏｍｏｔｅ ｌｅｇａｌ ｃｅｒｔａｉｎｔｙ, ｅｎｈａｎｃｅ ｃｏｍｐｅｔｉｔｉｏｎ, ａｎｄ ｒｅｄｕｃｅ ｓｙｓｔｅｍｉｃ ｒｉｓｋ ｉｎ ｍａｒｋｅｔｓ ｆｏｒ ｆｕｔｕｒｅｓ ａｎｄ ｏｖｅｒ-ｔｈｅ-ｃｏｕｎｔｅｒ ｄｅｒｉｖａｔｉｖｅｓ, ａｎｄ ｆｏｒ ｏｔｈｅｒ ｐｕｒｐｏｓｅｓ. Ｂｅ ｉｔ ｅｎａｃｔｅｄ ｂｙ ｔｈｅ Ｓｅｎａｔｅ ａｎｄ Ｈｏｕｓｅ ｏｆ Ｒｅｐｒｅｓｅｎｔａｔｉｖｅｓ ｏｆ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｏｆ Ａｍｅｒｉｃａ ｉｎ Ｃｏｎｇｒｅｓｓ ａｓｓｅｍｂｌｅｄ, ＳＥＣＴＩＯＮ 1. ＳＨＯＲＴ ＴＩＴＬＥ; ＴＡＢＬＥ ＯＦ ＣＯＮＴＥＮＴＳ. ＳＨＯＲＴ ＴＩＴＬＥ: Ｔｈｉｓ Ａｃｔ ｍａｙ ｂｅ ｃｉｔｅｄ ａｓ ｔｈｅ "Ｃｏｍｍｏｄｉｔｙ Ｆｕｔｕｒｅｓ Ｍｏｄｅｒｎｉｚａｔｉｏｎ Ａｃｔ ｏｆ 2000''. ................................................ Ｔｈｅ ＣＦＭＡ ｗａｓ ｓｕｂｓｅｑｕｅｎｔｌｙ ａｄｄｅｄ ｉｎｔｏ ａｎｏｔｈｅｒ ｐｉｅｃｅ ｏｆ ｌｅｇｉｓｌａｔｉｏｎ, [Ｈ.Ｒ.4577 Ｔｉｔｌｅ: Ｍａｋｉｎｇ ａｐｐｒｏｐｒｉａｔｉｏｎｓ ｆｏｒ ｔｈｅ Ｄｅｐａｒｔｍｅｎｔｓ ｏｆ Ｌａｂｏｒ, Ｈｅａｌｔｈ ａｎｄ Ｈｕｍａｎ Ｓｅｒｖｉｃｅｓ, ａｎｄ Ｅｄｕｃａｔｉｏｎ, ａｎｄ ｒｅｌａｔｅｄ ａｇｅｎｃｉｅｓ ｆｏｒ ｔｈｅ ｆｉｓｃａｌ ｙｅａｒ ｅｎｄｉｎｇ Ｓｅｐｔｅｍｂｅｒ 30, 2001, ａｎｄ ｆｏｒ ｏｔｈｅｒ ｐｕｒｐｏｓｅｓ. Ｓｐｏｎｓｏｒ: Ｒｅｐ Ｐｏｒｔｅｒ, Ｊｏｈｎ Ｅｄｗａｒｄ [ＩＬ-10] (ｉｎｔｒｏｄｕｃｅｄ 6/1/2000) Ｃｏｓｐｏｎｓｏｒｓ (Ｎｏｎｅ) Ｒｅｌａｔｅｄ Ｂｉｌｌｓ: Ｈ.ＲＥＳ.515, Ｈ.ＲＥＳ.518, Ｈ.Ｒ.5656, Ｈ.Ｒ.5657, Ｈ.Ｒ.5658, Ｈ.Ｒ.5660, Ｈ.Ｒ.5661, Ｈ.Ｒ.5662, Ｈ.Ｒ.5663, Ｈ.Ｒ.5666, Ｈ.Ｒ.5667, Ｓ.ＣＯＮ.ＲＥＳ.162, Ｓ.1594, Ｓ.2553 Ｌａｔｅｓｔ Ｍａｊｏｒ Ａｃｔｉｏｎ: Ｂｅｃａｍｅ Ｐｕｂｌｉｃ Ｌａｗ Ｎｏ: 106-554 [ＧＰＯ: Ｔｅｘｔ, ＰＤＦ] Ｈｏｕｓｅ Ｒｅｐｏｒｔｓ: 106-645; Ｌａｔｅｓｔ Ｃｏｎｆｅｒｅｎｃｅ Ｒｅｐｏｒｔ: 106-1033 (ｉｎ Ｃｏｎｇｒｅｓｓｉｏｎａｌ Ｒｅｃｏｒｄ Ｈ12100-12439) Ｎｏｔｅ: Ｈ.Ｒ. 4577, ｔｈｅ Ｃｏｎｓｏｌｉｄａｔｅｄ Ａｐｐｒｏｐｒｉａｔｉｏｎｓ Ａｃｔ 2001, ｉｎｃｏｒｐｏｒａｔｅｄ ｉｎ ｉｔｓ ｃｏｎｆｅｒｅｎｃｅ ｒｅｐｏｒｔ ｔｈｅ ｐｒｏｖｉｓｉｏｎｓ ｏｆ ｓｅｖｅｒａｌ ｂｉｌｌｓ ｂｙ ｒｅｆｅｒｅｎｃｅ. Ｔｈｉｓ ｉｎｃｌｕｄｅｄ Ｈ.Ｒ. 5656 - Ｌａｂｏｒ ＨＨＳ Ｅｄｕｃａｔｉｏｎ Ａｐｐｒｏｐｒｉａｔｉｏｎｓ; Ｈ.Ｒ. 5657 - Ｌｅｇｉｓｌａｔｉｖｅ Ｂｒａｎｃｈ Ａｐｐｒｏｐｒｉａｔｉｏｎｓ; Ｈ.Ｒ. 5658 - Ｔｒｅａｓｕｒｙ Ａｐｐｒｏｐｒｉａｔｉｏｎｓ; Ｈ.Ｒ. 5666 - Ｍｉｓｃｅｌｌａｎｅｏｕｓ Ａｐｐｒｏｐｒｉａｔｉｏｎｓ - ｅｘｃｅｐｔ ｓｅｃｔｉｏｎ 123 ｒｅｌａｔｉｎｇ ｔｏ ｔｈｅ ｅｎａｃｔｍｅｎｔ ｏｆ Ｈ.Ｒ. 4904; Ｈ.Ｒ. 5660 - Ｃｏｍｍｏｄｉｔｙ Ｆｕｔｕｒｅｓ Ｍｏｄｅｒｎｉｚａｔｉｏｎ; Ｈ.Ｒ. 5661 - Ｍｅｄｉｃａｒｅ, Ｍｅｄｉｃａｉｄ ａｎｄ ＳＣＨＩＰ Ｂｅｎｅｆｉｔｓ Ｉｍｐｒｏｖｅｍｅｎｔ ａｎｄ Ｐｒｏｔｅｃｔｉｏｎ; Ｈ.Ｒ. 5662 - Ｃｏｍｍｕｎｉｔｙ Ｒｅｎｅｗａｌ Ｔａｘ Ｒｅｌｉｅｆ ａｎｄ Ｍｅｄｉｃａｌ Ｓａｖｉｎｇｓ Ａｃｃｏｕｎｔｓ; Ｈ.Ｒ. 5663 - Ｎｅｗ Ｍａｒｋｅｔｓ Ｖｅｎｔｕｒｅ Ｃａｐｉｔａｌ Ｐｒｏｇｒａｍ; ａｎｄ Ｈ.Ｒ. 5667 - Ｓｍａｌｌ Ｂｕｓｉｎｅｓｓ Ｒｅａｕｔｈｏｒｉｚａｔｉｏｎ. Ｔｈｉｓ ｅｘｃｅｒｐｔ ｆｒｏｍ ｔｈｅ ｔｅｘｔ ｏｆ ｔｈｉｓ ｌｅｇｉｓｌａｔｉｏｎ ｌｅａｄｓ ｍｅ ｔｏ ｂｅｌｉｅｖｅ Ｃｏｎｇｒｅｓｓ ｈａｄ ｎｏ ｃｌｕｅ ｗｈａｔ ｔｈｅｙ ｈａｄ ｊｕｓｔ ｐａｓｓｅｄ. (ｎｏ ｐｕｎ ｉｎｔｅｎｄｅｄ, ｂｕｔ ｔｈｅｙ ＡＲＥ ｂｌａｍｉｎｇ ｉｔ ｏｎ ｅａｃｈ ｏｔｈｅｒ...ｕｎｃｌｅｔｕｍｂｌｅｗｅｅｄ) ＣＯＮＧＲＥＳＳＩＯＮＡＬ ＢＵＤＧＥＴ ＯＦＦＩＣＥ ＣＯＳＴ ＥＳＴＩＭＡＴＥ Ｓ. 2697--Ｃｏｍｍｏｄｉｔｙ Ｆｕｔｕｒｅｓ Ｍｏｄｅｒｎｉｚａｔｉｏｎ Ａｃｔ ｏｆ 2000 Ｓｕｍｍａｒｙ: Ｓ. 2697 ｗｏｕｌｄ ｒｅａｕｔｈｏｒｉｚｅ ｆｕｎｄｉｎｇ ｆｏｒ ｔｈｅ ａｃｔｉｖｉｔｉｅｓ ｏｆ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ ｆｕｔｕｒｅｓ Ｔｒａｄｉｎｇ Ｃｏｍｍｉｓｓｉｏｎ (ＣＦＴＣ) ｄｕｒｉｎｇ ｔｈｅ 2001-2005 ｐｅｒｉｏｄ. Ｔｈｅ ｂｉｌｌ ｗｏｕｌｄ ａｌｓｏ ａｌｌｏｗ ｔｈｅ ｔｒａｄｉｎｇ ｏｆ ｓｉｎｇｌｅ ｓｔｏｃｋ ｆｕｔｕｒｅｓ ｕｎｄｅｒ ｃｅｒｔａｉｎ ｃｏｎｄｉｔｉｏｎｓ, ｗｉｔｈ ｏｖｅｒｓｉｇｈｔ ｂｅｉｎｇ ｓｈａｒｅｄ ｂｙ ｔｈｅ ＣＦＴＣ ａｎｄ ｔｈｅ Ｓｅｃｕｒｉｔｉｅｓ ａｎｄ Ｅｘｃｈａｎｇｅ Ｃｏｍｍｉｓｓｉｏｎ (ＳＥＣ). Ｉｎ ａｄｄｉｔｉｏｎ, Ｓ. 2697 ｗｏｕｌｄ ｃｌａｒｉｆｙ ｔｈａｔ ｃｅｒｔａｉｎ ｏｖｅｒ-ｔｈｅ-ｃｏｕｎｔｅｒ ｄｅｒｉｖａｔｉｖｅ ｔｒａｎｓａｃｔｉｏｎｓ ａｒｅ ｏｕｔｓｉｄｅ ｏｆ ｔｈｅ ｊｕｒｉｓｄｉｃｔｉｏｎ ｏｆ ｔｈｅ ＣＦＴＣ. Ｔｈｅ ｂｉｌｌ ａｌｓｏ ｗｏｕｌｄ ａｕｔｈｏｒｉｚｅ ｔｈｅ ＣＦＴＣ ｔｏ ｄｅｓｉｇｎａｔｅ ｂｏａｒｄｓ ｏｆ ｔｒａｄｅ ａｓ ｃｏｎｔｒａｃｔ ｍａｒｋｅｔｓ ｏｒ ｅｘｅｃｕｔｉｏｎ ｆａｃｉｌｉｔｉｅｓ ｆｏｒ ｄｅｒｉｖａｔｉｖｅｓ ｔｒａｎｓａｃｔｉｏｎｓ. Ａｓｓｕｍｉｎｇ ａｐｐｒｏｐｒｉａｔｉｏｎ ｏｆ ｔｈｅ ｎｅｃｅｓｓａｒｙ ａｍｏｕｎｔｓ, ＣＢＯ ｅｓｔｉｍａｔｅｓ ｔｈａｔ ｉｍｐｌｅｍｅｎｔｉｎｇ ｔｈｉｓ ｌｅｇｉｓｌａｔｉｏｎ ｗｏｕｌｄ ｃｏｓｔ $363 ｍｉｌｌｉｏｎ ｏｖｅｒ ｔｈｅ 2001-2005 ｐｅｒｉｏｄ. Ａｌｔｈｏｕｇｈ ｍｏｓｔ ｏｆ ｔｈｉｓ ｃｏｓｔ ｗｏｕｌｄ ｂｅ ｉｎｃｕｒｒｅｄ ｂｙ ｔｈｅ ＣＦＴＣ, ＣＢＯ ｅｓｔｉｍａｔｅｓ ｔｈａｔ ｔｈｅ ＳＥＣ ｗｏｕｌｄ ｓｐｅｎｄ ａｂｏｕｔ $3 ｍｉｌｌｉｏｎ ａ ｙｅａｒ ｔｏ ｒｅｇｕｌａｔｅ ｓｉｎｇｌｅ ｓｔｏｃｋ ｆｕｔｕｒｅｓ. Ｓ. 2697 ａｌｓｏ ｗｏｕｌｄ ｉｎｃｒｅａｓｅ ｇｏｖｅｒｎｍｅｎｔａｌ ｒｅｃｅｉｐｔｓ, ｂｅｃａｕｓｅ ｔｈｅ ｂｉｌｌ ｗｏｕｌｄ ｍａｋｅ ｓｉｎｇｌｅ ｓｔｏｃｋ ｆｕｔｕｒｅｓ ｓｕｂｊｅｃｔ ｔｏ ｆｅｅｓ ｃｈａｒｇｅｄ ｂｙ ｔｈｅ ＳＥＣ. Ａｌｔｈｏｕｇｈ ＣＢＯ ｅｓｔｉｍａｔｅｓ ｔｈａｔ ｔｈｉｓ ｉｎｃｒｅａｓｅ ｉｎ ｆｅｅ ｃｏｌｌｅｃｔｉｏｎｓ ｗｏｕｌｄ ｎｏｔ ｂｅ ｓｉｇｎｉｆｉｃａｎｔ, ｐａｙ-ａｓ-ｙｏｕ-ｇｏ ｐｒｏｃｅｄｕｒｅｓ ｗｏｕｌｄ ａｐｐｌｙ. Ｓ. 2697 ｃｏｎｔａｉｎｓ ａｎ ｉｎｔｅｒｇｏｖｅｒｎｍｅｎｔａｌ ｍａｎｄａｔｅ ａｓ ｄｅｆｉｎｅｄ ｉｎ ｔｈｅ Ｕｎｆｕｎｄｅｄ Ｍａｎｄａｔｅｓ Ｒｅｆｏｒｍ Ａｃｔ (ＵＭＲＡ), ｂｕｔ ＣＢＯ ｅｓｔｉｍａｔｅｓ ｔｈａｔ ｔｈｅ ｃｏｓｔｓ, ｉｆ ａｎｙ, ｗｏｕｌｄ ｎｏｔ ｅｘｃｅｅｄ ｔｈｅ ｔｈｒｅｓｈｏｌｄ ｅｓｔａｂｌｉｓｈｅｄ ｉｎ ｔｈｅ ａｃｔ ($55 ｍｉｌｌｉｏｎ ｉｎ 2000, ａｄｊｕｓｔｅｄ ａｎｎｕａｌｌｙ ｆｏｒ ｉｎｆｌａｔｉｏｎ). Ｔｈｅ ｂｉｌｌ ａｌｓｏ ｃｏｎｔａｉｎｓ ａ ｎｅｗ ｐｒｉｖａｔｅ-ｓｅｃｔｏｒ ｍａｎｄａｔｅ ａｓ ｄｅｆｉｎｅｄ ｂｙ ＵＭＲＡ, ｂｕｔ ＣＢＯ ｅｓｔｉｍａｔｅｓ ｔｈｅ ｃｏｓｔｓ ｏｆ ｔｈｉｓ ｍａｎｄａｔｅ ｗｏｕｌｄ ｎｏｔ ｅｘｃｅｅｄ ｔｈｅ ｔｈｒｅｓｈｏｌｄ ｅｓｔａｂｌｉｓｈｅｄ ｉｎ ｔｈｅ ａｃｔ ($109 ｍｉｌｌｉｏｎ ｉｎ 2000, ａｄｊｕｓｔｅｄ ａｎｎｕａｌｌｙ ｆｏｒ ｉｎｆｌａｔｉｏｎ). Ｅｓｔｉｍａｔｅｄ Ｃｏｓｔ ｔｏ ｔｈｅ Ｆｅｄｅｒａｌ Ｇｏｖｅｒｎｍｅｎｔ: Ｔｈｅ ｅｓｔｉｍａｔｅｄ ｂｕｄｇｅｔａｒｙ ｉｍｐａｃｔ ｏｆ Ｓ. 2697 ....(ｅｘｃｅｅｄｅｄ ｔｈｅｉｒ ｗｉｌｄｅｓｔ ｇｕｅｓｓ!...ｕｎｃｌｅｔｕｍｂｌｅｗｅｅｄ) Ｂａｓｉｓ ｏｆ ｅｓｔｉｍａｔｅ: Ｆｏｒ ｔｈｉｓ ｅｓｔｉｍａｔｅ, ＣＢＯ ａｓｓｕｍｅｓ ｔｈａｔ ｔｈｅ ｂｉｌｌ ｗｉｌｌ ｂｅ ｅｎａｃｔｅｄ ｂｙ ｔｈｅ ｅｎｄ ｏｆ ｆｉｓｃａｌ ｙｅａｒ 2000 ａｎｄ ｔｈａｔ ｔｈｅ ｎｅｃｅｓｓａｒｙ ａｍｏｕｎｔｓ ｗｉｌｌ ｂｅ ａｐｐｒｏｐｒｉａｔｅｄ ｂｙ ｔｈｅ ｓｔａｒｔ ｏｆ ｅａｃｈ ｆｉｓｃａｌ ｙｅａｒ. Ｐｒｏｖｉｓｉｏｎｓ ｒｅｌａｔｅｄ ｔｏ ｔｈｅ ｒｅｇｕｌａｔｉｏｎ ｏｆ ｓｉｎｇｌｅ ｓｔｏｃｋ ｆｕｔｕｒｅｓ ｗｏｕｌｄ ｔａｋｅ ｅｆｆｅｃｔ ｏｎｅ ｙｅａｒ ａｆｔｅｒ ｅｎａｃｔｍｅｎｔ. ＣＢＯ ｅｓｔｉｍａｔｅｓ ｔｈａｔ Ｓ. 2697 ｗｏｕｌｄ ｃｏｓｔ $363 ｍｉｌｌｉｏｎ ｏｖｅｒ ｔｈｅ 2001-2005 ｐｅｒｉｏｄ, ａｎｄ ｗｏｕｌｄ ｈａｖｅ ａ ｎｅｇｌｉｇｉｂｌｅ ｅｆｆｅｃｔ ｏｎ ｒｅｖｅｎｕｅｓ. Ｍｙ ｐｅｒｓｏｎａｌ ｒｅｃｏｍｍｅｎｄａｔｉｏｎｓ ａｒｅ: Ｔｈｅ ｒｅｃｏｒｄ ｏｆ ｐｒｏｃｅｅｄｉｎｇｓ ｃｏｎｃｅｒｎｉｎｇ ｔｈｅｓｅ ｐｉｅｃｅｓ ｏｆ...ｕｈ, ｌｅｇｉｓｌａｔｉｏｎ, ｆｏｏｔａｇｅ ｆｒｏｍ Ｃ-Ｓｐａｎ, ａｓ ｗｅｌｌ ａｓ ｓｅｃｕｒｉｔｙ ｆｏｏｔａｇｅ ｆｒｏｍ ａｒｅａｓ ｆｒｅｑｕｅｎｔｅｄ ｂｙ ｌｅｇｉｓｌａｔｏｒｓ, ｌｏｂｂｙｉｓｔｓ ａｎｄ ｔｈｅｉｒ ｓｔａｆｆ ｐｅｒｓｏｎｎｅｌ ｄｕｒｉｎｇ ｔｈｅｓｅ ｐｒｏｃｅｅｄｉｎｇｓ, ｓｈｏｕｌｄ ｂｅ ｒｅｖｉｅｗｅｄ ｂｙ ｔｈｅ ＦＢＩ ｆｏｒ ａｎｙ ｔｒａｃｅｓ ｏｆ ｃｏｎｓｐｉｒａｃｙ ｏｒ ｃｏｌｌｕｓｉｏｎ ｂｅｔｗｅｅｎ ｌｅｇｉｓｌａｔｏｒｓ, ｃｏｒｐｏｒａｔｅ ｅｎｔｉｔｉｅｓ, ａｎｄ ｌｏｂｂｙｉｓｔｓ. Ｔｈｅ ｆｉｎａｎｃｉａｌ ｒｅｃｏｒｄｓ ｏｆ ｔｈｅ ｃｏｒｐｏｒａｔｉｏｎｓ, ｉｎｄｉｖｉｄｕａｌｓ ｇｕｉｄｉｎｇ ｔｈｏｓｅ ｃｏｒｐｏｒａｔｉｏｎｓ (ｔｈｅｎ ａｎｄ ｎｏｗ) ａｎｄ ｐｕｂｌｉｃ ｏｆｆｉｃｉａｌｓ ｉｄｅｎｔｉｆｉｅｄ ａｓ ｂｅｉｎｇ ｉｎｖｏｌｖｅｄ ｉｎ ｔｈｉｓ ｓｈｏｕｌｄ ｂｅ ｅｘａｍｉｎｅｄ ｂｙ ｔｈｅ ＦＢＩ, ＩＲＳ, ａｎｄ ｔｈｅ ＳＥＣ. Ａｎｙｏｎｅ ｉｍｐｌｉｃａｔｅｄ ｉｎ ｂｒｉｎｇｉｎｇ ｔｈｉｓ ｄｉｓａｓｔｅｒ ａｂｏｕｔ ｆｏｒ ｔｈｅｉｒ ｏｗｎ ｅｎｒｉｃｈｍｅｎｔ, ａｔ ｔｈｅ ｅｘｐｅｎｓｅ ｏｆ ｔｈｅ ｓｅｃｕｒｉｔｙ ｏｆ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｏｆ Ａｍｅｒｉｃａ, ｒｅｇａｒｄｌｅｓｓ ｏｆ ｔｈｅｉｒ ｃｕｒｒｅｎｔ, ｏｒ ｆｏｒｍｅｒ, ｓｔａｔｉｏｎ ｉｎ ｌｉｆｅ, ｓｈｏｕｌｄ ｂｅ ｔｒｉｅｄ, ａｎｄ ｉｆ ｆｏｕｎｄ ｇｕｉｌｔｙ, ＰＵＮＩＳＨＥＤ, ｕｎｄｅｒ ａｎｙ, ａｎｄ ａｌｌ, ａｐｐｌｉｃａｂｌｅ ｌａｗｓ ｉｎｃｌｕｄｉｎｇ ｔｈｅ Ｐａｔｒｉｏｔ Ａｃｔ. Ｔｈｅ Ｇｒａｍｍ-Ｌｅａｃｈ-Ｂｌｉｌｅｙ Ｆｉｎａｎｃｉａｌ Ｓｅｒｖｉｃｅｓ Ｍｏｄｅｒｎｉｚａｔｉｏｎ Ａｃｔ ｏｆ 1999 ｓｈｏｕｌｄ ｂｅ ｒｅｐｅａｌｅｄ...ｉｍｍｅｄｉａｔｅｌｙ. Ｉｎｔｅｒｎａｔｉｏｎａｌ ｃｏｒｐｏｒａｔｅ ｂａｎｋｉｎｇ ｅｎｔｉｔｉｅｓ ａｒｅ ｍａｋｉｎｇ ｓｉｄｅ ｂｅｔｓ ａｇａｉｎｓｔ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｍａｋｉｎｇ ａｎ ｅｃｏｎｏｍｉｃ ｒｅｃｏｖｅｒｙ! Ｄｏ ｙｏｕ ｔｈｉｎｋ Ｄｅｕｔｓｃｈｂａｎｋ'ｓ ｐｒｅｄｉｃｔｉｏｎｓ ｔｈａｔ Ａｍｅｒｉｃａｎ ａｕｔｏ ｍａｋｅｒｓ ｗｉｌｌ ｆａｉｌ ｉｓ ｊｕｓｔ ｉｄｌｅ ｓｐｅｃｕｌａｔｉｏｎ? Ｌｏｃｋｓ ａｒｅ ｍｅａｎｔ ｔｏ ｋｅｅｐ ｈｏｎｅｓｔ ｐｅｏｐｌｅ ｈｏｎｅｓｔ (Ｌｅａｄ ｕｓ ｎｏｔ ｉｎｔｏ ｔｅｍｐｔａｔｉｏｎ, ｂｕｔ ｄｅｌｉｖｅｒ ｕｓ ｆｒｏｍ ｅｖｉｌ...ｆｒｏｍ Ｔｈｅ Ｌｏｒｄ'ｓ Ｐｒａｙｅｒ) Ｔｈｅｓｅ ａｃｔｉｏｎｓ ｓｈｏｕｌｄ ｂｅ ｕｎｄｅｒｔａｋｅｎ, ｉｎ ａ ｂｉｐａｒｔｉｓａｎ ｍａｎｎｅｒ, ｓｗｉｆｔｌｙ ａｎｄ ｐｕｂｌｉｃｌｙ, ｔｏ ｈｅｌｐ ｒｅｓｔｏｒｅ Ａｍｅｒｉｃａ'ｓ ｉｍａｇｅ ａｓ ａ ｎａｔｉｏｎ ｏｆ ｔｈｅ ｐｅｏｐｌｅ ａｎｄ ｆｏｒ ｔｈｅ ｐｅｏｐｌｅ. Ｉｆ ｗｅ ｗａｎｔ ｔｈｅ ｒｅｓｔ ｏｆ ｔｈｅ ｗｏｒｌｄ ｔｏ ｆｏｌｌｏｗ ｏｕｒ ｌｅａｄ, ｗｅ ｄａｒｎ ｗｅｌｌ ｂｅｔｔｅｒ ｄｏ ｓｏｍｅ ｈｏｕｓｅ ｃｌｅａｎｉｎ'. Ｉｆ ｗｅ ｄｏ ｎｏｔ ｄｏ ｔｈｉｓ, ｔｈｅｎ ｗｅ ａｒｅ ｎｏ ｂｅｔｔｅｒ ｔｈａｎ ｓｏｍｅ ｔｈｉｒｄ ｗｏｒｌｄ ｎａｔｉｏｎ ｗｈｅｒｅ ｓｏｍｅ ｌｉｖｅ ｉｎ ｏｕｔｒａｇｅｏｕｓ ｌｕｘｕｒｙ, ａｂｏｖｅ ｔｈｅ ｌａｗ, ｗｈｉｌｅ ｏｔｈｅｒｓ ｃｏｎｔｉｎｕｏｕｓｌｙ ｓｕｆｆｅｒ. ＣＦＭＡ ＲＥＳＥＡＲＣＨ: ＣＯＡＬＩＴＩＯＮ ｏｆ ＩＮＶＥＳＴＭＥＮＴ ＡＮＤ ＣＯＭＭＥＲＣＩＡＬ ＢＡＮＫＳ ｒｅｇａｒｄｉｎｇ ＴＨＥ ＲＥＰＯＲＴ ＯＦ ＴＨＥ ＰＲＥＳＩＤＥＮＴ'Ｓ ＷＯＲＫＩＮＧ ＧＲＯＵＰ ＯＮ ＦＩＮＡＮＣＩＡＬ ＭＡＲＫＥＴＳ ｅｎｔｉｔｌｅｄ ＯＶＥＲ-ＴＨＥ-ＣＯＵＮＴＥＲ ＤＥＲＩＶＡＴＩＶＥＳ ＭＡＲＫＥＴＳ ＡＮＤ ＴＨＥ ＣＯＭＭＯＤＩＴＹ ＥＸＣＨＡＮＧＥ ＡＣＴ ｂｅｆｏｒｅ ｔｈｅ ＣＯＭＭＩＴＴＥＥ ＯＮ ＡＧＲＩＣＵＬＴＵＲＥ, ＮＵＴＲＩＴＩＯＮ ＡＮＤ ＦＯＲＥＳＴＲＹ ＵＮＩＴＥＤ ＳＴＡＴＥＳ ＳＥＮＡＴＥ ＦＥＢＲＵＡＲＹ 10, 2000 Ｃｈａｉｒｍａｎ Ｌｕｇａｒ, ｍｅｍｂｅｒｓ ｏｆ ｔｈｅ Ｃｏｍｍｉｔｔｅｅ, ｔｈｉｓ ｔｅｓｔｉｍｏｎｙ ｉｓ ｓｕｂｍｉｔｔｅｄ ｂｙ Ｅｄｗａｒｄ Ｒｏｓｅｎ, ａ ｐａｒｔｎｅｒ ｗｉｔｈ Ｃｌｅａｒｙ, Ｇｏｔｔｌｉｅｂ, Ｓｔｅｅｎ & Ｈａｍｉｌｔｏｎ, ｏｎ ｂｅｈａｌｆ ｏｆ ａｎ ａｄ ｈｏｃ ｃｏａｌｉｔｉｏｎ ｏｆ ｉｎｖｅｓｔｍｅｎｔ ａｎｄ ｃｏｍｍｅｒｃｉａｌ ｂａｎｋｓ (ｔｈｅ "Ｃｏａｌｉｔｉｏｎ"). Ｔｈｅ Ｃｏａｌｉｔｉｏｎ ｉｓ ｃｏｍｐｒｉｓｅｄ ｏｆ ｔｈｅ ｆｏｌｌｏｗｉｎｇ ｉｎｓｔｉｔｕｔｉｏｎｓ: Ｔｈｅ Ｃｈａｓｅ Ｍａｎｈａｔｔａｎ Ｂａｎｋ, Ｃｉｔｉｇｒｏｕｐ Ｉｎｃ., Ｃｒｅｄｉｔ Ｓｕｉｓｓｅ Ｆｉｒｓｔ Ｂｏｓｔｏｎ Ｉｎｃ., Ｇｏｌｄｍａｎ, Ｓａｃｈｓ & Ｃｏ., Ｍｅｒｒｉｌｌ Ｌｙｎｃｈ & Ｃｏ., Ｉｎｃ., Ｍｏｒｇａｎ Ｓｔａｎｌｅｙ Ｄｅａｎ Ｗｉｔｔｅｒ & Ｃｏ. Ｔｈｉｓ Ｃｏａｌｉｔｉｏｎ ｉｓ ｇｒａｔｅｆｕｌ ｆｏｒ ｔｈｅ ｏｐｐｏｒｔｕｎｉｔｙ ｔｏ ｐｒｅｓｅｎｔ ｔｈｅ Ｃｏｍｍｉｔｔｅｅ ｗｉｔｈ ｔｈｅ Ｃｏａｌｉｔｉｏｎ'ｓ ｖｉｅｗｓ ｒｅｇａｒｄｉｎｇ ｔｈｅ ｒｅｐｏｒｔ ｏｆ ｔｈｅ Ｐｒｅｓｉｄｅｎｔ'ｓ Ｗｏｒｋｉｎｇ Ｇｒｏｕｐ ｏｎ Ｆｉｎａｎｃｉａｌ Ｍａｒｋｅｔｓ (ｔｈｅ "Ｗｏｒｋｉｎｇ Ｇｒｏｕｐ") ｅｎｔｉｔｌｅｄ Ｏｖｅｒ-ｔｈｅ-Ｃｏｕｎｔｅｒ Ｄｅｒｉｖａｔｉｖｅｓ Ｍａｒｋｅｔｓ ａｎｄ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｅｘｃｈａｎｇｅ Ａｃｔ (ｔｈｅ "Ｒｅｐｏｒｔ"). Ｔｈｅ Ｃｏａｌｉｔｉｏｎ ｓｕｐｐｏｒｔｓ ｔｈｅ ｒｅｃｏｍｍｅｎｄａｔｉｏｎｓ ｓｅｔ ｆｏｒｔｈ ｉｎ ｔｈｅ Ｒｅｐｏｒｔ ａｎｄ ｕｒｇｅｓ ｔｈｅ Ｃｏｍｍｉｔｔｅｅ ｔｏ ｉｎｃｏｒｐｏｒａｔｅ ｔｈｅ Ｒｅｐｏｒｔ'ｓ ｒｅｃｏｍｍｅｎｄａｔｉｏｎｓ ｉｎ ｌｅｇｉｓｌａｔｉｏｎ ｄｕｒｉｎｇ ｔｈｉｓ ｓｅｓｓｉｏｎ.... ...................................................................................... Ｔｈｅ ＰＷＧ ｔｈａｔ ｒｅｌｅａｓｅｄ ｔｈｅ ｓｔｕｄｙ ｈｔｔｐ://ｗｗｗ.ｕｓｔｒｅａｓ.ｇｏｖ/ｐｒｅｓｓ/ｒｅｌｅａｓｅｓ/ｒｅｐｏｒｔｓ/ｏｔｃａｃｔ.ｐｄｆ, ｐｒｅｓｅｎｔｅｄ Ｎｏｖ. 19, 1999, ｃｏｎｓｉｓｔｅｄ ｏｆ: Ｇｒｅｅｎｓｐａｎ, Ａｌａｎ, Ｃｈａｉｒｍａｎ ｏｆ ｔｈｅ Ｂｏａｒｄ ｏｆ Ｇｏｖｅｒｎｏｒｓ ｏｆ ｔｈｅ Ｆｅｄｅｒａｌ Ｒｅｓｅｒｖｅ Ｓｙｓｔｅｍ, Ｗａｓｈｉｎｇｔｏｎ, ＤＣ Ｓｕｍｍｅｒｓ, Ｌａｗｒｅｎｃｅ, Ｓｅｃｒｅｔａｒｙ ｏｆ ｔｈｅ Ｕ.Ｓ. Ｄｅｐａｒｔｍｅｎｔ ｏｆ ｔｈｅ Ｔｒｅａｓｕｒｙ, Ｗａｓｈｉｎｇｔｏｎ, ＤＣ Ｌｅｖｉｔｔ, Ａｒｔｈｕｒ, Ｃｈａｉｒｍａｎ ｏｆ ｔｈｅ Ｓｅｃｕｒｉｔｉｅｓ ａｎｄ Ｅｘｃｈａｎｇｅ Ｃｏｍｍｉｓｓｉｏｎ, Ｗａｓｈｉｎｇｔｏｎ, ＤＣ Ｒａｉｎｅｒ, Ｗｉｌｌｉａｍ, Ｃｈａｉｒｍａｎ ｏｆ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｆｕｔｕｒｅｓ Ｔｒａｄｉｎｇ Ｃｏｍｍｉｓｓｉｏｎ, Ｗａｓｈｉｎｇｔｏｎ, ＤＣ Ｇｏｒｅ, Ａｌ, Ｐｒｅｓｉｄｅｎｔ ｏｆ ｔｈｅ Ｓｅｎａｔｅ, Ｕｎｉｔｅｄ Ｓｔａｔｅｓ Ｓｅｎａｔｅ, Ｗａｓｈｉｎｇｔｏｎ, Ｄ.Ｃ .......................................................................................................... Ｆｅｂｒｕａｒｙ 22, 2002 ....ＰＡＵＬ ＳＯＬＭＡＮ: Ｏｖｅｒ ａｔ ｔｈｅ ＣＦＴＣ, ｍｅａｎｗｈｉｌｅ, ｓａｙ ｃｒｉｔｉｃｓ, ｔｈｅ ｒｅｇｕｌａｔｏｒｓ ｄｉｄｎ'ｔ ｒｅｇｕｌａｔｅ Ｅｎｒｏｎ ｂｙ ｃｈｏｉｃｅ, ｅｘｅｍｐｔｉｎｇ ｔｈｅ ｃｏｍｐａｎｙ ｆｒｏｍ ｒｅｇｕｌａｔｉｏｎ ｂａｃｋ ｉｎ 1993, ｔｈｅ ｌａｓｔ ａｃｔ ｏｆ ｏｕｔｇｏｉｎｇ ｃｈａｉｒ Ｗｅｎｄｙ Ｇｒａｍｍ, ｗｉｆｅ ｏｆ Ｔｅｘａｓ Ｓｅｎａｔｏｒ Ｐｈｉｌ Ｇｒａｍｍ. Ｐｒｏｆｅｓｓｏｒ Ｍｉｃｈａｅｌ Ｇｒｅｅｎｂｅｒｇｅｒ ｗａｓ ａ ＣＦＴＣ ｌａｗｙｅｒ ｉｎ ｔｈｅ ｌａｔｅ-'90ｓ. ＭＩＣＨＡＥＬ ＧＲＥＥＮＢＥＲＧＥＲ, Ｕｎｉｖｅｒｓｉｔｙ ｏｆ Ｍａｒｙｌａｎｄ Ｌａｗ Ｓｃｈｏｏｌ: Ａｆｔｅｒ ｔｈｅｓｅ ｅｘｅｍｐｔｉｏｎｓ ｔｏｏｋ ｐｌａｃｅ, ｔｈｅｙ ｃｏｕｌｄ ｉｎ ｐｒｉｖａｔｅ ｍａｋｅ ｄｅａｌｓ ａｂｏｕｔ ｈｏｗ ｔｈｅｙ ｗｏｕｌｄ ｔｒａｄｅ ｅｎｅｒｇｙ, ａｎｄ ｔｈｅｙ ｗｅｒｅ ｃｏｍｐｌｅｔｅｌｙ ｄｅｒｅｇｕｌａｔｅｄ. Ｎｏｂｏｄｙ ｋｎｅｗ ａｂｏｕｔ ｔｈｅｍ. ＰＡＵＬ ＳＯＬＭＡＮ: Ｗｅｎｄｙ Ｇｒａｍｍ, ｍｅａｎｗｈｉｌｅ, ｂｅｃａｍｅ ａｎ Ｅｎｒｏｎ ｂｏａｒｄ ｍｅｍｂｅｒ ｗｉｔｈｉｎ ｗｅｅｋｓ ｏｆ ｔｈｅ ｅｘｅｍｐｔｉｏｎｓ ｖｏｔｅ, ｗｈｉｌｅ Ｅｎｒｏｎ ａｎｄ ｏｔｈｅｒｓ ｋｅｐｔ ｐｕｓｈｉｎｇ ｆｏｒ ｌｅｓｓ ｒｅｇｕｌａｔｉｏｎ. ＭＩＣＨＡＥＬ ＧＲＥＥＮＢＥＲＧＥＲ: Ｅｘｅｍｐｔｉｏｎｓ ｗｅｒｅｎ'ｔ ｂｉｇ ｅｎｏｕｇｈ ａｆｔｅｒ ｔｉｍｅ ｗｅｎｔ. Ｔｈｅｙ ｗａｎｔｅｄ ｔｏ ｄｏ ｍｏｒｅ. Ｓｏ ｔｈｅ ｐｈｉｌｏｓｏｐｈｙ ｔｈｅｙ ａｄｏｐｔｅｄ ａｎｄ ｔｈｅ ｐｈｉｌｏｓｏｐｈｙ ｉｎｄｕｓｔｒｙ ａｄｏｐｔｅｄ ｗａｓ ｔｗｏｆｏｌｄ: Ｗｅ'ｒｅ ｊｕｓｔ ｇｏｉｎｇ ｔｏ ｉｇｎｏｒｅ ｔｈｅ ｒｅｇｕｌａｔｏｒｓ, ｗｅ'ｒｅ ｇｏｉｎｇ ｔｏ ｌｏｂｂｙ ｌｉｋｅ ｃｒａｚｙ ｏｎ ｔｈｅ Ｈｉｌｌ, ａｎｄ ｗｅ'ｒｅ ｇｏｉｎｇ ｔｏ ｃｏｎｖｉｎｃｅ Ｃｏｎｇｒｅｓｓ ｔｈａｔ ｔｈｉｓ ａｒｅａ ｎｅｅｄｓ ｔｏ ｂｅ ｄｅｒｅｇｕｌａｔｅｄ ｉｎ Ｔｏｔｏ. Ａｎｄ ｔｈｅｙ ａｃｈｉｅｖｅｄ ｔｈａｔ ｏｂｊｅｃｔｉｖｅ ｉｎ Ｄｅｃｅｍｂｅｒ ｏｆ 2000. ＰＡＵＬ ＳＯＬＭＡＮ: Ｔｈｅ ａｃｈｉｅｖｅｍｅｎｔ ｗａｓ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｆｕｔｕｒｅｓ Ｍｏｄｅｒｎｉｚａｔｉｏｎ Ａｃｔ, ｌｅｇｉｓｌａｔｉｏｎ ｔｈａｔ ｅｘｅｍｐｔｅｄ Ｅｎｒｏｎ ａｎｄ ｏｔｈｅｒｓ ｐｅｒｍａｎｅｎｔｌｙ ｆｒｏｍ ＣＦＴＣ ｏｖｅｒｓｉｇｈｔ, ｗｒｉｔｔｅｎ ｉｎ ｐａｒｔ ｂｙ Ｓｅｎａｔｏｒ Ｇｒａｍｍ. Ｅｎｒｏｎ, ｈｏｗｅｖｅｒ, ｗａｓ ｂｕｔ ｏｎｅ ｏｆ ｍａｎｙ, ｓａｙｓ Ｅｌｉｚａｂｅｔｈ Ｒｉｔｔｅｒ. ＥＬＩＺＡＢＥＴＨ ＲＩＴＴＥＲ: Ｅｎｒｏｎ ｗａｓ ｏｎｅ ｏｆ ｄｏｚｅｎｓ ｏｆ ｅｎｅｒｇｙ, ｍｅｔａｌｓ, ｂａｎｋｓ, ａｎｄ ｍａｒｋｅｔ ｐａｒｔｉｃｉｐａｎｔｓ ｔｈａｔ ｃｏｍｅ ａｎｄ ｔａｌｋ ｔｏ ｕｓ, ｔｈａｔ ｇｏ ｔｏ ｔｈｅ Ｈｉｌｌ. Ｉ ｍｅａｎ, Ｅｎｒｏｎ ｗａｓ ｎｏｔ... ｃｅｒｔａｉｎｌｙ ｂｙ ａｎｙ ｍｅａｎｓ, ｔｈｅ ｌａｒｇｅｓｔ ｐｌａｙｅｒ ｗｈｏ ｃａｍｅ ａｎｄ ｔａｌｋｅｄ ｔｏ ｕｓ ｏｒ ｔｒｉｅｄ ｔｏ ｔｅｌｌ ｕｓ ｗｈａｔ ｔｈｅｙ ｗａｎｔｅｄ ａｎｄ ｗｈａｔ ｔｈｅｙ ｎｅｅｄｅｄ. ＰＡＵＬ ＳＯＬＭＡＮ: Ａｓ ｔｏ Ｅｎｒｏｎ'ｓ ｃｏｌｌａｐｓｅ, ｓａｙｓ Ｒｉｔｔｅｒ... ＥＬＩＺＡＢＥＴＨ ＲＩＴＴＥＲ: Ｔｈｅｒｅ ｉｓ ｃｅｒｔａｉｎｌｙ ａ ｐｅｒｃｅｉｖｅｄ ｐｒｏｂｌｅｍ ｗｉｔｈ ａｃｃｏｕｎｔｉｎｇ ａｎｄ ｄｉｓｃｌｏｓｕｒｅ ｉｓｓｕｅｓ ａｎｄ ａｕｄｉｔｉｎｇ ｉｓｓｕｅｓ. Ｔｈａｔ'ｓ ａ ｃｏｍｐｌｅｔｅｌｙ ｓｅｐａｒａｔｅ ｉｓｓｕｅ ｆｒｏｍ ｔｈｅ ｔｒａｄｉｎｇ ｐａｒａｄｉｇｍ. ＰＡＵＬ ＳＯＬＭＡＮ: Ａｎｄ ｔｒａｄｉｎｇ ｉｓ ｗｈａｔ ｔｈｅ ＣＦＴＣ ｒｅｇｕｌａｔｅｓ. Ｂｕｔ ｔｈｅ ｋｉｎｄ ｏｆ ｔｒａｄｉｎｇ Ｅｎｒｏｎ ｗａｓ ｐｉｏｎｅｅｒｉｎｇ ｂｅｃａｍｅ ａ ｓｅｐａｒａｔｅ ｉｓｓｕｅ ｏｕｔｓｉｄｅ ｔｈｅ ＣＦＴＣ'ｓ ｊｕｒｉｓｄｉｃｔｉｏｎ ｆｏｒ ａ ｓｉｍｐｌｅ ｒｅａｓｏｎ, ｓａｙｓ Ｇｒｅｅｎｂｅｒｇｅｒ: Ｔｈａｔ'ｓ ｔｈｅ ｗａｙ Ｃｏｎｇｒｅｓｓ ｗａｎｔｅｄ ｉｔ. ＰＡＵＬ ＳＯＬＭＡＮ: Ｗｈａｔ ｈａｐｐｅｎｓ? Ａ Ｃｏｎｇｒｅｓｓｐｅｒｓｏｎ ｃａｌｌｓ ｏｎ ｔｈｅ ｐｈｏｎｅ ａｎｄ ｓａｙｓ, "Ｈｅｙ, ｙｏｕ ｇｕｙｓ, Ｉ ｈｅａｒ ｗｈａｔ ｙｏｕ ａｒｅ ｔａｌｋｉｎｇ ａｂｏｕｔ; ｆｏｒｇｅｔ ｉｔ"? Ｉ ｍｅａｎ... ＭＩＣＨＡＥＬ ＧＲＥＥＮＢＥＲＧＥＲ, Ｆｏｒｍｅｒ ＣＦＴＣ Ｌａｗｙｅｒ: Ｗｈａｔ ｈａｐｐｅｎｓ ｉｓ, ｎｏｔ ａ Ｃｏｎｇｒｅｓｓｐｅｒｓｏｎ, ｂｕｔ ｆｉｖｅ ｄｉｆｆｅｒｅｎｔ ｃｏｍｍｉｔｔｅｅｓ ｈａｖｅ ｈｅａｒｉｎｇｓ, ｃａｌｌ ｙｏｕ ｕｐ, ａｓｋ ｙｏｕ ｔｏ ｔｅｓｔｉｆｙ, ａｎｄ ｓｃｒｅａｍ ａｔ ｙｏｕ ｆｏｒ ｉｎｔｅｒｆｅｒｉｎｇ ｗｉｔｈ ｔｈｅ ｆｒｅｅ ｍａｒｋｅｔ ｓｙｓｔｅｍ; ｔｈａｔ ｙｏｕ'ｒｅ ｓｌｏｗｉｎｇ ｄｏｗｎ ｔｈｅ Ａｍｅｒｉｃａｎ ｅｃｏｎｏｍｙ ｂｙ ｔｒｙｉｎｇ ｔｏ ｇｅｔ ｓｏｍｅ ｔｒａｎｓｐａｒｅｎｃｙ ｉｎ ｔｈｅ ｓｙｓｔｅｍ. Ｔｈｅ ｂａｎｋｓ ａｎｄ ｔｈｅ ｃｏｒｐｏｒａｔｉｏｎｓ ａｒｅ ｓａｙｉｎｇ, "Ｈｅｙ, ｈｏｗ ｃａｎ ｔｈｅｓｅ ｆｅｄｅｒａｌ ｆｉｎａｎｃｉａｌ ｒｅｇｕｌａｔｏｒｓ ｄｏ ｔｈｉｓ? Ｗｅ'ｒｅ ｖｅｒｙ ｓｏｐｈｉｓｔｉｃａｔｅｄ ｐｅｏｐｌｅ. Ｗｅ ｄｏｎ'ｔ ｎｅｅｄ ｔｏ ｂｅ ｒｅｇｕｌａｔｅｄ."... (Ｈｏｗ ｉｓ ｔｈａｔ ｗｏｒｋｉｎ' ｏｕｔ ｆｏｒ ｙａ?...ｕｎｃｌｅｔｕｍｂｌｅｗｅｅｄ) ............................................................................................ [Ｐａｇｅ: Ｓ11879] Ｃｏｎｇｒｅｓｓｉｏｎａｌ Ｒｅｃｏｒｄ Ｉｓｓｕｅ: ｔｈｅ ｃｏｍｍｏｄｉｔｙ ｆｕｔｕｒｅｓ ｍｏｄｅｒｎｉｚａｔｉｏｎ ａｃｔ ｏｆ 2000 -- (Ｓｅｎａｔｅ - Ｄｅｃｅｍｂｅｒ 15, 2000) Ｓｅｃｔｉｏｎ ｏｆ Ｒｅｃｏｒｄ: Ｓｅｎａｔｅ [Ｐａｇｅ: Ｓ11878] --- ＴＨＥ ＣＯＭＭＯＤＩＴＹ ＦＵＴＵＲＥＳ ＭＯＤＥＲＮＩＺＡＴＩＯＮ ＡＣＴ ＯＦ 2000 Ｍｒ. ＦＩＴＺＧＥＲＡＬＤ. Ｍｒ. Ｐｒｅｓｉｄｅｎｔ, Ｉ ｒｉｓｅ ｉｎ ｓｕｐｐｏｒｔ ｏｆ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｆｕｔｕｒｅｓ Ｍｏｄｅｒｎｉｚａｔｉｏｎ Ａｃｔ ｏｆ 2000 (``ＣＦＭＡ''), ｔｈｅ ｐｒｏｐｏｓｅｄ ｌｅｇｉｓｌａｔｉｏｎ ｔｏ ｒｅａｕｔｈｏｒｉｚｅ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｆｕｔｕｒｅｓ Ｔｒａｄｉｎｇ Ｃｏｍｍｉｓｓｉｏｎ (``ＣＦＴＣ'') ａｎｄ ｔｏ ａｍｅｎｄ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｅｘｃｈａｎｇｅ Ａｃｔ (``ＣＥＡ''). Ｔｈｉｓ ｌｅｇｉｓｌａｔｉｏｎ ｉｓ ｔｈｅ Ｓｅｎａｔｅ ｃｏｍｐａｎｉｏｎ ｏｆ Ｈ.Ｒ. 5660, ｗｈｉｃｈ Ｃｏｎｇｒｅｓｓｍａｎ ＴＨＯＭＡＳ ＥＷＩＮＧ ｉｎｔｒｏｄｕｃｅｄ ｙｅｓｔｅｒｄａｙ ｉｎ ｔｈｅ Ｈｏｕｓｅ ｏｆ Ｒｅｐｒｅｓｅｎｔａｔｉｖｅｓ ａｎｄ ｗｈｉｃｈ ｉｓ ｐａｒｔ ｏｆ ｔｈｅ ｆｉｎａｌ ａｐｐｒｏｐｒｉａｔｉｏｎｓ ｍｅａｓｕｒｅ. Ａｓ ａｎ ｏｒｉｇｉｎａｌ ｃｏ-ｓｐｏｎｓｏｒ ｏｆ ｔｈｅ ＣＦＭＡ, Ｉ ａｍ ｐｒｏｕｄ ｔｏ ｊｏｉｎ Ｃｈａｉｒｍｅｎ ＧＲＡＭＭ ａｎｄ ＬＵＧＡＲ ｉｎ ｓｕｐｐｏｒｔｉｎｇ ｌｅｇｉｓｌａｔｉｏｎ ｔｏ ｐｒｏｖｉｄｅ ｍｕｃｈ ｎｅｅｄｅｄ ｒｅｇｕｌａｔｏｒｙ ｒｅｌｉｅｆ ｔｏ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｆｕｔｕｒｅｓ ｅｘｃｈａｎｇｅｓ, ｔｏ ｒｅｍｏｖｅ ｔｈｅ ｅｉｇｈｔｅｅｎ-ｙｅａｒ-ｏｌｄ ｂａｎ ｏｎ ｓｉｎｇｌｅ ｓｔｏｃｋ ｆｕｔｕｒｅｓ, ａｎｄ ｔｏ ｂｒｉｎｇ ｌｅｇａｌ ｃｅｒｔａｉｎｔｙ ｉｎ ｔｈｅ ｍｕｌｔｉ-ｔｒｉｌｌｉｏｎ ｄｏｌｌａｒ ｄｅｒｉｖａｔｉｖｅｓ ｍａｒｋｅｔｓ. Ｔｈｅ ＣＦＭＡ ｇｉｖｅｓ ａ ｓｕｂｓｔａｎｔｉａｌ ｂｏｏｓｔ ｔｏ Ｃｈｉｃａｇｏ'ｓ ｆｕｔｕｒｅｓ ｉｎｄｕｓｔｒｙ ａｎｄ ｔｈｅ 200,000 ｊｏｂｓ ｔｈａｔ ｄｅｐｅｎｄ ｏｎ ｉｔ. Ｔｈｅ Ｃｈｉｃａｇｏ ｆｕｔｕｒｅｓ ｅｘｃｈａｎｇｅｓ ｗｉｌｌ ｂｅ ｇｉｖｅｎ ａｎ ｏｐｐｏｒｔｕｎｉｔｙ ｔｏ ｃｏｍｐｅｔｅ ｏｎ ａ ｌｅｖｅｌ ｐｌａｙｉｎｇ ｆｉｅｌｄ ｗｉｔｈ ｔｈｅ ｗｏｒｌｄ ｍａｒｋｅｔｓ. Ｂｕｒｄｅｎｓｏｍｅ ｆｅｄｅｒａｌ ｒｅｇｕｌａｔｉｏｎｓ ｗｉｌｌ ｂｅ ｒｅｍｏｖｅｄ ａｎｄ ａ ｎｅｗ ｒｅｇｕｌａｔｏｒｙ ｓｔｒｕｃｔｕｒｅ ｗｉｌｌ ｂｅ ｉｍｐｌｅｍｅｎｔｅｄ ｔｈａｔ ｗｉｌｌ ｇｉｖｅ ｏｕｒ ｎａｔｉｏｎ'ｓ ｍｏｓｔ ｉｍｐｏｒｔａｎｔ ｆｕｔｕｒｅｓ ｅｘｃｈａｎｇｅｓ ｔｈｅ ａｂｉｌｉｔｙ ｔｏ ｃｏｍｐｅｔｅ ｅｑｕａｌｌｙ ｗｉｔｈ ｗｏｒｌｄ ｍａｒｋｅｔｓ ｉｎ ｐｒｏｄｕｃｔ ｉｎｎｏｖａｔｉｏｎ ａｎｄ ｔｈｅ ｅｖｅｒ-ｃｈａｎｇｉｎｇ ｄｅｍａｎｄｓ ｏｆ ｔｈｅ ｍａｒｋｅｔｐｌａｃｅ. Ｃｈｉｃａｇｏ'ｓ ｅｘｃｈａｎｇｅｓ ｗｉｌｌ ｎｏｗ ｈａｖｅ ｔｈｅ ｏｐｐｏｒｔｕｎｉｔｙ ｔｏ ｏｆｆｅｒ ｓｉｎｇｌｅ ｓｔｏｃｋ ｆｕｔｕｒｅｓ ｓｏ ｔｈａｔ ｔｈｅｙ ｃａｎ ｃｏｍｐｅｔｅ ｗｉｔｈ ｇｌｏｂａｌ ｍａｒｋｅｔｓ ａｌｒｅａｄｙ ｔｒａｄｉｎｇ ｔｈｏｓｅ ｔｙｐｅｓ ｏｆ ｆｕｔｕｒｅｓ. Ｔｈｉｓ ｉｓ ｐｏｔｅｎｔｉａｌｌｙ ａｎ ｅｎｏｒｍｏｕｓ ｍａｒｋｅｔ ｆｏｒ Ｃｈｉｃａｇｏ'ｓ ｅｘｃｈａｎｇｅｓ ａｎｄ Ｕ.Ｓ. ｉｎｖｅｓｔｏｒｓ. Ｉｔ ｇｏｅｓ ｗｉｔｈｏｕｔ ｓａｙｉｎｇ ｔｈａｔ ｔｈｉｓ ｍａｒｋｅｔ ｉｓ ａｂｓｏｌｕｔｅｌｙ ｎｅｃｅｓｓａｒｙ ｆｏｒ Ｃｈｉｃａｇｏ ｔｏ ｒｅｍａｉｎ ｔｈｅ ｃｅｎｔｅｒ ｆｏｒ ｗｏｒｌｄ ｆｕｔｕｒｅｓ ｔｒａｄｉｎｇ. Ｉ ｃｏｍｍｅｎｄ Ｃｈａｉｒｍａｎ ＬＵＧＡＲ ｏｎ ｈｉｓ ｅｆｆｏｒｔｓ ｔｏ ａｃｔ ｓｗｉｆｔｌｙ ｔｏ ｍｏｄｅｒｎｉｚｅ ｔｈｅ ＣＥＡ ａｎｄ ｔｏ ｉｍｐｌｅｍｅｎｔ ｔｈｅ ｒｅｃｏｍｍｅｎｄａｔｉｏｎｓ ｏｆ ｔｈｅ Ｐｒｅｓｉｄｅｎｔ'ｓ Ｗｏｒｋｉｎｇ Ｇｒｏｕｐ ｏｎ Ｆｉｎａｎｃｉａｌ Ｍａｒｋｅｔｓ (``ＰＷＧ''). Ｔｈｅ ｃｈａｌｌｅｎｇｅｓ ｉｎｖｏｌｖｅｄ ｉｎ ｓｕｃｈ ａｎ ｕｎｄｅｒｔａｋｉｎｇ ａｒｅ ｅｎｏｒｍｏｕｓ ａｎｄ Ｉ ａｐｐｒｅｃｉａｔｅ Ｃｈａｉｒｍａｎ ＬＵＧＡＲ'ｓ ｔｈｏｕｇｈｔｆｕｌ ａｎｄ ｃｏｍｐｒｅｈｅｎｓｉｖｅ ａｐｐｒｏａｃｈ ｔｏ ｔｈｉｓ ｃｏｍｐｌｅｘ ｔａｓｋ. Ａｓ Ｃｈａｉｒｍａｎ ｏｆ ｔｈｅ Ｓｕｂｃｏｍｍｉｔｔｅｅ ｏｎ Ｒｅｓｅａｒｃｈ, Ｎｕｔｒｉｔｉｏｎ, ａｎｄ Ｇｅｎｅｒａｌ Ｌｅｇｉｓｌａｔｉｏｎ, Ｉ ｈａｖｅ ｂｅｅｎ ａｃｔｉｖｅｌｙ ｉｎｖｏｌｖｅｄ ｉｎ ｔｈｅ ｅｖｏｌｕｔｉｏｎ ｏｆ ｔｈｅ ＣＦＭＡ ａｎｄ ａｍ ｃｏｍｍｉｔｔｅｄ ｔｏ ｗｏｒｋｉｎｇ ｃｌｏｓｅｌｙ ｗｉｔｈ Ｃｈａｉｒｍａｎ ＬＵＧＡＲ, Ｃｈａｉｒｍａｎ ＧＲＡＭＭ, ａｎｄ ｍｙ ｏｔｈｅｒ ｃｏｌｌｅａｇｕｅｓ ｔｏ ｅｎｓｕｒｅ ｔｈａｔ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｄｅｒｉｖａｔｉｖｅｓ ｍａｒｋｅｔｓ ｒｅｍａｉｎ ｓｔｒｏｎｇ, ｃｏｍｐｅｔｉｔｉｖｅ, ａｎｄ ｖｉａｂｌｅ. Ｔｈｅ ＣＦＭＡ ｃｏｄｉｆｉｅｓ ｔｈｅ ｒｅｃｏｍｍｅｎｄａｔｉｏｎｓ ｏｆ ｔｈｅ ＰＷＧ ｔｏ ｅｎｈａｎｃｅ ｌｅｇａｌ ｃｅｒｔａｉｎｔｙ ｆｏｒ ｏｖｅｒ-ｔｈｅ-ｃｏｕｎｔｅｒ (``ＯＴＣ'') ｄｅｒｉｖａｔｉｖｅｓ ｂｙ ｅｘｃｌｕｄｉｎｇ ｆｒｏｍ ｔｈｅ ＣＥＡ ｃｅｒｔａｉｎ ｂｉｌａｔｅｒａｌ ｓｗａｐｓ ｅｎｔｅｒｅｄ ｉｎｔｏ ｏｎ ａ ｐｒｉｎｃｉｐａｌ-ｔｏ-ｐｒｉｎｃｉｐａｌ ｂａｓｉｓ ｂｙ ｅｌｉｇｉｂｌｅ ｐａｒｔｉｃｉｐａｎｔｓ. Ｔｈｅ ｍａｒｋｅｔ ｆｏｒ ＯＴＣ ｄｅｒｉｖａｔｉｖｅｓ ｈａｓ ｅｘｐｌｏｄｅｄ ｏｖｅｒ ｔｈｅ ｐａｓｔ ｔｗｏ ｄｅｃａｄｅｓ ｉｎｔｏ ａ ｍｕｌｔｉ-ｔｒｉｌｌｉｏｎ ｄｏｌｌａｒ ｉｎｄｕｓｔｒｙ. Ｔｈｅｓｅ ｌａｒｇｅ ａｎｄ ｓｏｐｈｉｓｔｉｃａｔｅｄ ｍａｒｋｅｔｓ ｐｌａｙ ａｎ ｉｍｐｏｒｔａｎｔ ｒｏｌｅ ｉｎ ｔｈｅ ｇｌｏｂａｌ ｅｃｏｎｏｍｙ ａｎｄ ｌｅｇａｌ ｃｅｒｔａｉｎｔｙ ｉｓ ａ ｃｒｉｔｉｃａｌ ｃｏｎｓｉｄｅｒａｔｉｏｎ ｆｏｒ ｐａｒｔｉｅｓ ｔｏ ＯＴＣ ｄｅｒｉｖａｔｉｖｅ ｃｏｎｔｒａｃｔｓ. Ａｃｃｏｒｄｉｎｇｌｙ, ｔｈｅ ＣＦＭＡ ｒｅｃｏｇｎｉｚｅｓ ｔｈａｔ ｌｅｇａｌ ｃｅｒｔａｉｎｔｙ ｆｏｒ ＯＴＣ ｄｅｒｉｖａｔｉｖｅｓ ｉｓ ｖｉｔａｌ ｔｏ ｔｈｅ ｃｏｎｔｉｎｕｅｄ ｃｏｍｐｅｔｉｔｉｖｅｎｅｓｓ ｏｆ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｍａｒｋｅｔｓ ａｎｄ ａｃｈｉｅｖｅｓ ｔｈｉｓ ｃｅｒｔａｉｎｔｙ ｂｙ ｅｘｃｌｕｄｉｎｇ ｔｈｅｓｅ ｔｒａｎｓａｃｔｉｏｎｓ ｆｒｏｍ ｔｈｅ ＣＥＡ. Ｔｈｅ ｐｒｏｖｉｓｉｏｎｓ ｏｆ ｔｈｅ ＣＦＭＡ ａｌｓｏ ａｄｄｒｅｓｓ ｔｈｅ ｐｒｏｂｌｅｍ ｔｈａｔ ｆｅｄｅｒａｌ ｒｅｇｕｌａｔｉｏｎ ｈａｓ ｎｏｔ ａｄａｐｔｅｄ ｔｏ ｔｈｅ ｒａｐｉｄ ｇｒｏｗｔｈ ｏｆ ｔｈｅ ｆｉｎａｎｃｉａｌ ｍａｒｋｅｔｓ ａｎｄ ｔｏｄａｙ ｓｅｒｖｅｓ ａｓ ａ ｓｕｂｓｔａｎｔｉａｌ ｒｅｓｔｒｉｃｔｉｏｎ ｏｎ ｍａｒｋｅｔ ｃｏｍｐｅｔｉｔｉｖｅｎｅｓｓ ａｎｄ ｍｏｄｅｒｎｉｚａｔｉｏｎ. Ｉｎ ｏｒｄｅｒ ｆｏｒ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｔｏ ｍａｉｎｔａｉｎ ｔｈｅ ｍｏｓｔ ｅｆｆｉｃｉｅｎｔ ｍａｒｋｅｔｓ ｉｎ ｔｈｅ ｗｏｒｌｄ, ｒｅｇｕｌａｔｏｒｙ ｂａｒｒｉｅｒｓ ｔｏ ｆａｉｒ ｃｏｍｐｅｔｉｔｉｏｎ ｍｕｓｔ ｂｅ ｒｅｍｏｖｅｄ. Ｔｈｅ ＣＦＭＡ ｒｅｄｕｃｅｓ ｔｈｅ ｉｎｅｆｆｉｃｉｅｎｃｉｅｓ ｏｆ ｔｈｅ ＣＥＡ ｂｙ ｒｅｍｏｖｉｎｇ ｃｏｎｓｔｒａｉｎｔｓ ｏｎ ｉｎｎｏｖａｔｉｏｎ ａｎｄ ｃｏｍｐｅｔｉｔｉｖｅｎｅｓｓ ａｎｄ ｂｙ ｔｒａｎｓｆｏｒｍｉｎｇ ｔｈｅ ＣＦＴＣ ｉｎｔｏ ａｎ ｏｖｅｒｓｉｇｈｔ ａｇｅｎｃｙ ｗｉｔｈ ｌｅｓｓ ｆｒｏｎｔ-ｌｉｎｅ ｒｅｇｕｌａｔｏｒｙ ｆｕｎｃｔｉｏｎｓ. Ｔｈｅ ｐｒｏｖｉｓｉｏｎｓ ｆｏｒ ｔｈｒｅｅ ｋｉｎｄｓ ｏｆ ｔｒａｄｉｎｇ ｆａｃｉｌｉｔｉｅｓ ｗｉｔｈ ｖａｒｙｉｎｇ ｌｅｖｅｌｓ ｏｆ ｒｅｇｕｌａｔｉｏｎ ｐｒｏｖｉｄｅ ｎｅｅｄｅｄ ｆｌｅｘｉｂｉｌｉｔｙ ｔｏ ｂｏｔｈ ｔｒａｄｉｔｉｏｎａｌ ｅｘｃｈａｎｇｅｓ ａｎｄ ｅｌｅｃｔｒｏｎｉｃ ｔｒａｄｉｎｇ ｆａｃｉｌｉｔｉｅｓ ｂｙ ｂａｓｉｎｇ ｏｖｅｒｓｉｇｈｔ ｏｆ ｔｈｅ ｆｕｔｕｒｅｓ ｍａｒｋｅｔｓ ｏｎ ｔｈｅ ｔｙｐｅｓ ｏｆ ｐｒｏｄｕｃｔｓ ｔｈｅｙ ｔｒａｄｅ ａｎｄ ｏｎ ｔｈｅ ｉｎｖｅｓｔｏｒｓ ｔｈｅｙ ｓｅｒｖｅ. Ｆｉｎａｌｌｙ, ｔｈｅ ＣＦＭＡ ｒｅｍｏｖｅｓ ｔｈｅ Ａｃｃｏｒｄ'ｓ ｐｒｏｈｉｂｉｔｉｏｎｓ ｏｎ ｔｈｅ ｔｒａｄｉｎｇ ｏｆ ｓｉｎｇｌｅ ｓｔｏｃｋ ｆｕｔｕｒｅｓ ａｎｄ ｓｍａｌｌ ｉｎｄｉｃｅｓ. Ｓｔｏｃｋ ｉｎｄｅｘ ｆｕｔｕｒｅｓ ｈａｖｅ ｍａｔｕｒｅｄ ｉｎｔｏ ｖｉｔａｌ ｆｉｎａｎｃｉａｌ ｍａｎａｇｅｍｅｎｔ ｔｏｏｌｓ ｔｈａｔ ｅｎａｂｌｅ ａ ｗｉｄｅ ｖａｒｉｅｔｙ ｏｆ ｉｎｖｅｓｔｍｅｎｔ ｃｏｎｃｅｒｎｓ ｔｏ ｍａｎａｇｅ ｔｈｅｉｒ ｒｉｓｋ ｏｆ ａｄｖｅｒｓｅ ｐｒｉｃｅ ｍｏｖｅｍｅｎｔｓ. Ｔｈｅ ｏｐｔｉｏｎｓ ｍａｒｋｅｔｓ ａｎｄ ｓｗａｐｓ ｄｅａｌｅｒｓ ｏｆｆｅｒ ｃｕｓｔｏｍｅｒｓ ｒｉｓｋ ｍａｎａｇｅｍｅｎｔ ｔｏｏｌｓ ａｎｄ ｉｎｖｅｓｔｍｅｎｔ ａｌｔｅｒｎａｔｉｖｅｓ ｉｎｖｏｌｖｉｎｇ ｂｏｔｈ ｓｅｃｔｏｒ ｉｎｄｅｘｅｓ ａｎｄ ｓｉｎｇｌｅ ｓｔｏｃｋ ｄｅｒｉｖａｔｉｖｅｓ. Ｉｔ ｓｅｅｍｓ ｏｎｌｙ ｆａｉｒ ｔｈａｔ ｆｕｔｕｒｅｓ ｅｘｃｈａｎｇｅｓ ｂｅ ａｌｌｏｗｅｄ ｔｏ ｃｏｍｐｅｔｅ ｉｎ ｔｈｉｓ ｉｍｐｏｒｔａｎｔ ｍａｒｋｅｔ. Ｔｈｅ ＣＦＭＡ ｌｉｆｔｓ ｔｈｅ ｂａｎ ｏｎ ｓｉｎｇｌｅ ａｎｄ ｉｎｄｅｘ ｓｔｏｃｋ ｆｕｔｕｒｅｓ ｒｅｓｔｒｉｃｔｉｏｎｓ ｔｏ ａｌｌｏｗ ｔｈｅ ｍａｒｋｅｔｐｌａｃｅ ｔｏ ｄｅｃｉｄｅ ｗｈｅｔｈｅｒ ｔｈｅｓｅ ｉｎｓｔｒｕｍｅｎｔｓ ｗｏｕｌｄ ｂｅ ｕｓｅｆｕｌ ｒｉｓｋ ｍａｎａｇｅｍｅｎｔ ｔｏｏｌｓ ａｎｄ ｔｏ ｅｎｈａｎｃｅ ｔｈｅ ａｂｉｌｉｔｙ ｏｆ ｔｈｅ Ｕ.Ｓ. ｆｉｎａｎｃｉａｌ ｍａｒｋｅｔｓ ｔｏ ｃｏｍｐｅｔｅ ｉｎ ｔｈｅ ｇｌｏｂａｌ ｍａｒｋｅｔｐｌａｃｅ. Ｔｈｅ ｂｉｌｌ ｒｅｆｏｒｍｓ ｔｈｅ Ａｃｃｏｒｄ ｔｏ ａｌｌｏｗ ｂｏｔｈ ｆｕｔｕｒｅｓ ａｎｄ ｓｅｃｕｒｉｔｉｅｓ ｅｘｃｈａｎｇｅｓ ｔｏ ｔｒａｄｅ ｔｈｅｓｅ ｐｒｏｄｕｃｔｓ ｕｎｄｅｒ ｔｈｅ ｊｕｒｉｓｄｉｃｔｉｏｎ ｏｆ ｔｈｅｉｒ ｃｕｒｒｅｎｔ ｒｅｇｕｌａｔｏｒｓ. Ｔｈｅ ＣＦＭＡ ａｌｓｏ ａｌｌｏｗｓ ｂｏｔｈ ｔｈｅ ＳＥＣ ａｎｄ ｔｈｅ ＣＦＴＣ ｔｏ ｅｎｆｏｒｃｅ ｖｉｏｌａｔｉｏｎｓ ｏｆ ｔｈｅｉｒ ｒｅｓｐｅｃｔｉｖｅ ｌａｗｓ ｒｅｇａｒｄｌｅｓｓ ｏｆ ｗｈｅｔｈｅｒ ｔｈｅ ｐｒｏｄｕｃｔｓ ａｒｅ ｔｒａｄｅｄ ｏｎ ａ ｆｕｔｕｒｅｓ ｏｒ ｓｅｃｕｒｉｔｉｅｓ ｅｘｃｈａｎｇｅ ａｎｄ ｒｅｑｕｉｒｅｓ ｔｈａｔ ｔｈｅ ａｇｅｎｃｉｅｓ ｓｈａｒｅ ｎｅｃｅｓｓａｒｙ ｉｎｆｏｒｍａｔｉｏｎ ｆｏｒ ｅｎｆｏｒｃｅｍｅｎｔ ｐｕｒｐｏｓｅｓ. Ｔｈｅ ＣＦＭＡ ｒｅｐｒｅｓｅｎｔｓ ａｎ ａｒｄｕｏｕｓ ｅｆｆｏｒｔ ｔｏ ｒｅｍｏｖｅ ｂｕｒｄｅｎｓｏｍｅ ｒｅｇｕｌａｔｏｒｙ ｓｔｒｕｃｔｕｒｅｓ ａｎｄ ｐｒｏｖｉｄｅ ｍｕｃｈ ｎｅｅｄｅｄ ｌｅｇａｌ ｃｅｒｔａｉｎｔｙ ｔｏ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｄｅｒｉｖａｔｉｖｅｓ ｍａｒｋｅｔｓ. Ｔｈｉｓ ｅｆｆｏｒｔ ｈａｓ ｐｒｏｄｕｃｅｄ ｃｏｍｐｒｅｈｅｎｓｉｖｅ ｌｅｇｉｓｌａｔｉｏｎ ｔｈａｔ ｉｓ ｄｅｓｉｇｎｅｄ ｔｏ ｒｅｍｏｖｅ ｉｍｐｅｄｉｍｅｎｔｓ ｔｏ ｉｎｎｏｖａｔｉｏｎ ａｎｄ ｒｅｇｕｌａｔｏｒｙ ｂａｒｒｉｅｒｓ ｔｏ ｆａｉｒ ｃｏｍｐｅｔｉｔｉｏｎ ｆｏｒ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｆｉｎａｎｃｉａｌ ｍａｒｋｅｔｓ. Ｔｈｅ ｐｏｓｉｔｉｖｅ ｉｍｐａｃｔ ｏｆ ｔｈｉｓ ｌｅｇｉｓｌａｔｉｏｎ ｏｎ Ｃｈｉｃａｇｏ'ｓ ｆｕｔｕｒｅｓ ｍａｒｋｅｔｓ ｃａｎｎｏｔ ｂｅ ｏｖｅｒｓｔａｔｅｄ. Ｔｈｅ ＣＦＭＡ ｉｓ ｖｉｔａｌ ｔｏ Ｃｈｉｃａｇｏ ｒｅｍａｉｎｉｎｇ ｔｈｅ ｄｅｒｉｖａｔｉｖｅｓ ｃａｐｉｔａｌ ｏｆ ｔｈｅ ｗｏｒｌｄ ａｎｄ ｇｉｖｅｓ Ｃｈｉｃａｇｏ'ｓ ｆｕｔｕｒｅｓ ｅｘｃｈａｎｇｅｓ ｔｈｅ ａｂｉｌｉｔｙ ｔｏ ｌｅａｄ ｔｈｅ ｗａｙ ｉｎ ｔｈｅ ｐｏｔｅｎｔｉａｌｌｙ ｅｘｐｌｏｓｉｖｅ ｓｉｎｇｌｅ-ｓｔｏｃｋ ｆｕｔｕｒｅｓ ｍａｒｋｅｔ. (Ａｇａｉｎ Ｉ ａｓｋ: Ｈｏｗ'ｓ ｔｈａｔ ｗｏｒｋｉｎ' ｏｕｔ ｆｏｒ ｙａ? Ｈｅｙ, ｗａｉｔ ａ ｓｅｃｏｎｄ...Ｃｈｉｃａｇｏ ｉｓ ｉｎ Ｉｌｌｉｎｏｉｓ. Ｔｈｉｓ ｉｓ ｇｅｔｔｉｎｇ ｃｕｒｉｏｕｓｅｒ ａｎｄ ｃｕｒｉｏｕｓｅｒ, ｈｕｈ?) Ｔｈｉｓ ｐａｒｔｉｃｕｌａｒ ＳＥＣ ｉｔｅｍ ｏｆ ｂｕｓｉｎｅｓｓ ｉｓ ｄｉｒｅｃｔｌｙ ａｔｔｒｉｂｕｔａｂｌｅ ｔｏ ｔｈｅ Ｃｏｍｍｏｄｉｔｙ Ｆｕｔｕｒｅｓ Ｍｏｄｅｒｎｉｚａｔｉｏｎ Ａｃｔ, ａｎｄ ｅｖｅｎ ｉｎｃｌｕｄｅｓ ｌｉｎｋｓ ｆｏｒ ｏｆｆｅｒｉｎｇ ｙｏｕｒ ｆｅｅｄｂａｃｋ ａｎｄ ｉｎｐｕｔ. ＳＥＣＵＲＩＴＩＥＳ ＡＮＤ ＥＸＣＨＡＮＧＥ ＣＯＭＭＩＳＳＩＯＮ 17 ＣＦＲ ＰＡＲＴＳ 230, 240 ａｎｄ 260 [Ｒｅｌｅａｓｅ Ｎｏｓ. 33-8999; 34-59246; 39-2549; Ｆｉｌｅ Ｎｏ. Ｓ7-02-09] ＲＩＮ 3235-ＡＫ26 Ｔｅｍｐｏｒａｒｙ Ｅｘｅｍｐｔｉｏｎｓ ｆｏｒ Ｅｌｉｇｉｂｌｅ Ｃｒｅｄｉｔ Ｄｅｆａｕｌｔ Ｓｗａｐｓ Ｔｏ Ｆａｃｉｌｉｔａｔｅ Ｏｐｅｒａｔｉｏｎ ｏｆ Ｃｅｎｔｒａｌ Ｃｏｕｎｔｅｒｐａｒｔｉｅｓ Ｔｏ Ｃｌｅａｒ ａｎｄ Ｓｅｔｔｌｅ Ｃｒｅｄｉｔ Ｄｅｆａｕｌｔ Ｓｗａｐｓ ＡＧＥＮＣＹ: Ｓｅｃｕｒｉｔｉｅｓ ａｎｄ Ｅｘｃｈａｎｇｅ Ｃｏｍｍｉｓｓｉｏｎ. ＡＣＴＩＯＮ: Ｉｎｔｅｒｉｍ ｆｉｎａｌ ｔｅｍｐｏｒａｒｙ ｒｕｌｅｓ; ｒｅｑｕｅｓｔ ｆｏｒ ｃｏｍｍｅｎｔｓ. ＳＵＭＭＡＲＹ: Ｗｅ ａｒｅ ａｄｏｐｔｉｎｇ ｉｎｔｅｒｉｍ ｆｉｎａｌ ｔｅｍｐｏｒａｒｙ ｒｕｌｅｓ ｐｒｏｖｉｄｉｎｇ ｅｘｅｍｐｔｉｏｎｓ ｕｎｄｅｒ ｔｈｅ Ｓｅｃｕｒｉｔｉｅｓ Ａｃｔ ｏｆ 1933, ｔｈｅ Ｓｅｃｕｒｉｔｉｅｓ Ｅｘｃｈａｎｇｅ Ａｃｔ ｏｆ 1934, ａｎｄ ｔｈｅ Ｔｒｕｓｔ Ｉｎｄｅｎｔｕｒｅ Ａｃｔ ｏｆ 1939 ｆｏｒ ｃｅｒｔａｉｎ ｃｒｅｄｉｔ ｄｅｆａｕｌｔ ｓｗａｐｓ ｔｏ ｆａｃｉｌｉｔａｔｅ ｔｈｅ ｏｐｅｒａｔｉｏｎ ｏｆ ｏｎｅ ｏｒ ｍｏｒｅ ｃｅｎｔｒａｌ ｃｏｕｎｔｅｒｐａｒｔｉｅｓ ｆｏｒ ｔｈｏｓｅ ｃｒｅｄｉｔ ｄｅｆａｕｌｔ ｓｗａｐｓ. Ｔｈｅ ｉｎｔｅｒｉｍ ｆｉｎａｌ ｔｅｍｐｏｒａｒｙ ｒｕｌｅｓ ｄｅｆｉｎｅ ｓｕｃｈ ｃｒｅｄｉｔ ｄｅｆａｕｌｔ ｓｗａｐｓ ａｓ ''ｅｌｉｇｉｂｌｅ ｃｒｅｄｉｔ ｄｅｆａｕｌｔ ｓｗａｐｓ'' ａｎｄ ｅｘｅｍｐｔ ｔｈｅｍ ｆｒｏｍ ａｌｌ ｐｒｏｖｉｓｉｏｎｓ ｏｆ ｔｈｅ Ｓｅｃｕｒｉｔｉｅｓ Ａｃｔ, ｏｔｈｅｒ ｔｈａｎ ｔｈｅ Ｓｅｃｔｉｏｎ 17(ａ) ａｎｔｉ-ｆｒａｕｄ ｐｒｏｖｉｓｉｏｎｓ, ａｓ ｗｅｌｌ ａｓ ｆｒｏｍ Ｅｘｃｈａｎｇｅ Ａｃｔ ｒｅｇｉｓｔｒａｔｉｏｎ ｒｅｑｕｉｒｅｍｅｎｔｓ ａｎｄ ｆｒｏｍ ｔｈｅ ｐｒｏｖｉｓｉｏｎｓ ｏｆ ｔｈｅ Ｔｒｕｓｔ Ｉｎｄｅｎｔｕｒｅ Ａｃｔ, ｐｒｏｖｉｄｅｄ ｃｅｒｔａｉｎ ｃｏｎｄｉｔｉｏｎｓ ａｒｅ ｍｅｔ.... ＤＡＴＥＳ: Ｅｆｆｅｃｔｉｖｅ Ｄａｔｅ: Ｔｈｅ ｉｎｔｅｒｉｍ ｆｉｎａｌ ｔｅｍｐｏｒａｒｙ ｒｕｌｅｓ ａｒｅ ｅｆｆｅｃｔｉｖｅ Ｊａｎｕａｒｙ 22, 2009 ｕｎｔｉｌ Ｓｅｐｔｅｍｂｅｒ 25, 2009. Ｃｏｍｍｅｎｔ Ｄａｔｅ: Ｃｏｍｍｅｎｔｓ ｏｎ ｔｈｅ ｉｎｔｅｒｉｍ ｆｉｎａｌ ｔｅｍｐｏｒａｒｙ ｒｕｌｅｓ ｓｈｏｕｌｄ ｂｅ ｒｅｃｅｉｖｅｄ ｏｎ ｏｒ ｂｅｆｏｒｅ Ｍａｒｃｈ 23, 2009. ＡＤＤＲＥＳＳＥＳ: Ｃｏｍｍｅｎｔｓ ｍａｙ ｂｅ ｓｕｂｍｉｔｔｅｄ ｂｙ ａｎｙ ｏｆ ｔｈｅ ｆｏｌｌｏｗｉｎｇ ｍｅｔｈｏｄｓ: Ｅｌｅｃｔｒｏｎｉｃ Ｃｏｍｍｅｎｔｓ Ｕｓｅ ｔｈｅ Ｃｏｍｍｉｓｓｉｏｎ'ｓ Ｉｎｔｅｒｎｅｔ ｃｏｍｍｅｎｔ ｆｏｒｍ ｈｔｔｐ://ｗｗｗ.ｓｅｃ.ｇｏｖ/ ｒｕｌｅｓ/ｉｎｔｅｒｉｍ-ｆｉｎａｌ-ｔｅｍｐ.ｓｈｔｍ Ｓｅｎｄ ａｎ ｅ-ｍａｉｌ ｔｏ ｒｕｌｅ-ｃｏｍｍｅｎｔｓ@ｓｅｃ.ｇｏｖ. Ｐｌｅａｓｅ ｉｎｃｌｕｄｅ Ｆｉｌｅ Ｎｕｍｂｅｒ Ｓ7-02-09 ｏｎ ｔｈｅ ｓｕｂｊｅｃｔ ｌｉｎｅ; ｏｒ Ｕｓｅ ｔｈｅ Ｆｅｄｅｒａｌ Ｒｕｌｅｍａｋｉｎｇ Ｐｏｒｔａｌ ｈｔｔｐ://ｗｗｗ.ｒｅｇｕｌａｔｉｏｎｓ.ｇｏｖ. Ｆｏｌｌｏｗ ｔｈｅ ｉｎｓｔｒｕｃｔｉｏｎｓ ｆｏｒ ｓｕｂｍｉｔｔｉｎｇ ｃｏｍｍｅｎｔｓ. Ｐａｐｅｒ Ｃｏｍｍｅｎｔｓ • Ｓｅｎｄ ｐａｐｅｒ ｃｏｍｍｅｎｔｓ ｉｎ ｔｒｉｐｌｉｃａｔｅ ｔｏ Ｅｌｉｚａｂｅｔｈ Ｍ. Ｍｕｒｐｈｙ, Ｓｅｃｒｅｔａｒｙ, Ｓｅｃｕｒｉｔｉｅｓ ａｎｄ Ｅｘｃｈａｎｇｅ Ｃｏｍｍｉｓｓｉｏｎ, 100 Ｆ Ｓｔｒｅｅｔ, ＮＥ., Ｗａｓｈｉｎｇｔｏｎ, ＤＣ 20549-1090. Ａｌｌ ｓｕｂｍｉｓｓｉｏｎｓ ｓｈｏｕｌｄ ｒｅｆｅｒ ｔｏ Ｆｉｌｅ Ｎｕｍｂｅｒ Ｓ7-02-09. Ｔｈｉｓ ｆｉｌｅ ｎｕｍｂｅｒ ｓｈｏｕｌｄ ｂｅ ｉｎｃｌｕｄｅｄ ｏｎ ｔｈｅ ｓｕｂｊｅｃｔ ｌｉｎｅ ｉｆ ｅ-ｍａｉｌ ｉｓ ｕｓｅｄ. Ｔｏ ｈｅｌｐ ｕｓ ｐｒｏｃｅｓｓ ａｎｄ ｒｅｖｉｅｗ ｙｏｕｒ ｃｏｍｍｅｎｔｓ ｍｏｒｅ ｅｆｆｉｃｉｅｎｔｌｙ, ｐｌｅａｓｅ ｕｓｅ ｏｎｌｙ ｏｎｅ ｍｅｔｈｏｄ. Ｔｈｅ Ｃｏｍｍｉｓｓｉｏｎ ｗｉｌｌ ｐｏｓｔ ａｌｌ ｃｏｍｍｅｎｔｓ ｏｎ ｔｈｅ Ｃｏｍｍｉｓｓｉｏｎ'ｓ Ｉｎｔｅｒｎｅｔ Ｗｅｂ ｓｉｔｅ ｈｔｔｐ://ｗｗｗ.ｓｅｃ.ｇｏｖ/ｒｕｌｅｓ/ｉｎｔｅｒｉｍ-ｆｉｎａｌ-ｔｅｍｐ.ｓｈｔｍｌ. Ｃｏｍｍｅｎｔｓ ａｒｅ ａｌｓｏ ａｖａｉｌａｂｌｅ ｆｏｒ ｐｕｂｌｉｃ ｉｎｓｐｅｃｔｉｏｎ ａｎｄ ｃｏｐｙｉｎｇ ｉｎ ｔｈｅ Ｃｏｍｍｉｓｓｉｏｎ'ｓ Ｐｕｂｌｉｃ Ｒｅｆｅｒｅｎｃｅ Ｒｏｏｍ, 100 Ｆ Ｓｔｒｅｅｔ, ＮＥ., Ｗａｓｈｉｎｇｔｏｎ, ＤＣ 20549, ｏｎ ｏｆｆｉｃｉａｌ ｂｕｓｉｎｅｓｓ ｄａｙｓ ｂｅｔｗｅｅｎ ｔｈｅ ｈｏｕｒｓ ｏｆ 10 ａ.ｍ. ａｎｄ 3 ｐ.ｍ. Ａｌｌ ｃｏｍｍｅｎｔｓ ｒｅｃｅｉｖｅｄ ｗｉｌｌ ｂｅ ｐｏｓｔｅｄ ｗｉｔｈｏｕｔ ｃｈａｎｇｅ; ｗｅ ｄｏ ｎｏｔ ｅｄｉｔ ｐｅｒｓｏｎａｌ ｉｄｅｎｔｉｆｙｉｎｇ ｉｎｆｏｒｍａｔｉｏｎ ｆｒｏｍ ｓｕｂｍｉｓｓｉｏｎｓ. Ｙｏｕ ｓｈｏｕｌｄ ｓｕｂｍｉｔ ｏｎｌｙ ｉｎｆｏｒｍａｔｉｏｎ ｔｈａｔ ｙｏｕ ｗｉｓｈ ｔｏ ｍａｋｅ ａｖａｉｌａｂｌｅ ｐｕｂｌｉｃｌｙ. Ｔｈｅ ａｎｓｗｅｒ ｔｏ ｔｈａｔ ｑｕｅｓｔｉｏｎ ｉｓ ....Ｔｈｅｓｅ ｃｏｒｐｏｒａｔｉｏｎｓ ｈａｖｅ ｔａｋｅｎ ａｄｖａｎｔａｇｅ ｏｆ ｒｅｇｕｌａｔｉｏｎ ｄｅｌａｙｓ ｉｎ ｏｒｄｅｒ ｔｏ ｔａｋｅ ｔｈｅｍｓｅｌｖｅｓ ｏｕｔ ｏｆ ｔｈｅ ｒｅａｌｍ ｏｆ ｒｅｇｕｌａｔｉｏｎ ａｌｔｏｇｅｔｈｅｒ. Ｔｈｅ ｆｏｌｌｏｗｉｎｇ ＵＲＬ'ｓ ａｒｅ ｌｉｎｋｅｄ ｔｏ ａｎ ｅｌｅｃｔｒｏｎｉｃ ｔｒａｄｉｎｇ ｎｅｔｗｏｒｋ, ａｄｖｅｒｔｉｓｉｎｇ ｔｈｅｍｓｅｌｖｅｓ ａｓ ａ ｐｌａｔｆｏｒｍ ｆｏｒ ｔｒａｄｉｎｇ ＯＶＥＲ ＴＨＥ ＣＯＵＮＴＥＲ ＣＲＥＤＩＴ ＤＥＦＡＵＬＴ ＳＷＡＰＳ, (ｓｏｒｒｙ, ｗａｓ Ｉ ｓｈｏｕｔｉｎｇ?) ｗｈｉｃｈ ｉｎｔｕｉｔｉｖｅ ｃｏｎｖｉｃｔｉｏｎ ｔｅｌｌｓ ｍｅ, ｗｉｌｌ ｂｅ ｕｓｅｄ ｔｏ ｔｒａｎｓｆｅｒ ｔｏｘｉｃ ｄｅｂｔ ｔｏ ｔｈｅ ｈｉｇｈｅｓｔ ｂｉｄｄｅｒ. Ｄｅｂｔｓ ｓｅｃｕｒｅｄ ｂｙ ｍｏｒｔｇａｇｅｓ, ＡＮＤ ＤＥＥＤＳ, ｔｏ ｐｒｏｐｅｒｔｙ ｉｎ ｔｈｅ ＵＳＡ. ｈｔｔｐ://ｗｗｗ.ｅｕｒｏｎｅｘｔ.ｃｏｍ/ｅｄｉｔｏｒｉａｌ/ｗｉｄｅ/ｅｄｉｔｏｒｉａｌ-43618-ＥＮ.ｈｔｍｌ Ｔｈｅ ｆｏｌｌｏｗｉｎｇ ｔｗｏ ｒｅｖｅｎｕｅ ｓｈａｒｅ ｓｃｈｅｍｅｓ ａｒｅ ｉｎ ｐｌａｃｅ ｆｏｒ Ｌｉｆｆｅ ＣＤＳ ｃｏｎｔｒａｃｔｓ ＣＤＳ Ｒｅｐｏｒｔｉｎｇ Ｓｃｈｅｍｅ ｒｅｗａｒｄｓ ｔｈｏｓｅ ｒｅｇｉｓｔｅｒｅｄ Ｍｅｍｂｅｒｓ ｗｈｏ ｓｕｂｍｉｔ ＣＤＳ ｔｒａｎｓａｃｔｉｏｎｓ ｔｏ Ｂｃｌｅａｒ ＣＤＳ Ｃｌｅａｒｉｎｇ Ｓｃｈｅｍｅ ｒｅｗａｒｄｓ ｔｈｏｓｅ ｒｅｇｉｓｔｅｒｅｄ Ｃｌｅａｒｉｎｇ Ｍｅｍｂｅｒｓ ｗｈｏ ｃｌｅａｒ ＣＤＳ ｃｏｎｔｒａｃｔｓ Ｂｏｔｈ ｓｃｈｅｍｅｓ ａｌｌｏｃａｔｅ ａ ｔｏｔａｌ ｏｆ 20% ｏｆ ｎｅｔ ｒｅｖｅｎｕｅｓ ｄｅｒｉｖｅｄ ｆｒｏｍ Ｌｉｆｆｅ ＣＤＳ ｃｏｎｔｒａｃｔｓ. Ｐｌｅａｓｅ ｒｅｆｅｒ ｔｏ Ｌｏｎｄｏｎ Ｎｏｔｉｃｅ Ｎｏ.3098 ｆｏｒ ｆｕｒｔｈｅｒ ｉｎｆｏｒｍａｔｉｏｎ. Ａｐｐｒｏｖｅｄ ｒｅｇｉｓｔｅｒｅｄ ｍｅｍｂｅｒｓ ｏｎ ｔｈｅｓｅ ｓｃｈｅｍｅｓ: Ｂａｎｃａ ＩＭＩ ＳＰＡ Ｂａｎｃｏ Ｓａｎｔａｎｄｅｒ Ｓ.Ａ. Ｂａｙｅｒｉｓｃｈｅ Ｈｙｐｏ- ｕｎｄ Ｖｅｒｅｉｎｓｂａｎｋ ＡＧ ＢＧＣ Ｂｒｏｋｅｒｓ ＬＰ Ｃａｌｙｏｎ ＳＡ Ｃｉｔｉｇｒｏｕｐ Ｍａｒｋｅｔｓ Ｌｔｄ Ｃｒｅｄｉｔ Ｓｕｉｓｓｅ Ｓｅｃｕｒｉｔｉｅｓ Ｅｕｒｏｐｅ Ｌｔｄ Ｄｅｕｔｓｃｈｅ Ｂａｎｋ ＡＧ Ｄｅｕｔｓｃｈｅ Ｚｅｎｔｒａｌ-Ｇｅｎｏｓｓｅｎｓｃｈａｆｔｓｂａｎｋ Ｄｒｅｓｄｎｅｒ Ｂａｎｋ ＡＧ ＧＦＩ Ｓｅｃｕｒｉｔｉｅｓ Ｌｉｍｉｔｅｄ Ｇｏｌｄｍａｎ Ｓａｃｈｓ Ｉｎｔｅｒｎａｔｉｏｎａｌ ＨＳＢＣ Ｂａｎｋ ＰＬＣ ＩＣＡＰ Ｓｅｃｕｒｉｔｉｅｓ Ｌｔｄ Ｊ Ｐ Ｍｏｒｇａｎ Ｓｅｃｕｒｉｔｉｅｓ Ｌｉｍｉｔｅｄ Ｌａｎｄｅｓｂａｎｋ Ｂａｄｅｎ-Ｗｕｒｔｔｅｍｂｅｒｇ Ｌｉｑｕｉｄ Ｃａｐｉｔａｌ Ｓｅｃｕｒｉｔｉｅｓ Ｍｅｒｒｉｌｌ Ｌｙｎｃｈ Ｉｎｔｅｒｎａｔｉｏｎａｌ ＭＦ Ｇｌｏｂａｌ ＵＫ Ｌｉｍｉｔｅｄ Ｎａｔｉｘｉｓ Ｎｅｗｅｄｇｅ Ｇｒｏｕｐ ＳＡ Ｎｏｍｕｒａ Ｉｎｔｅｒｎａｔｉｏｎａｌ ＰＬＣ Ｒａｂｏｂａｎｋ Ｉｎｔｅｒｎａｔｉｏｎａｌ Ｒｏｙａｌ Ｂａｎｋ ｏｆ Ｃａｎａｄａ Ｅｕｒｏｐｅ Ｌｉｍｉｔｅｄ Ｓｋａｎｄｉｎａｖｉｓｋａ Ｅｎｓｋｉｌｄａ Ｂａｎｋｅｎ ＡＢ (ｐｕｂｌ) Ｓｏｃｉéｔé Ｇéｎéｒａｌｅ Ｔｈｅ Ｒｏｙａｌ Ｂａｎｋ ｏｆ Ｓｃｏｔｌａｎｄ Ｔｒａｄｉｔｉｏｎ Ｓｅｃｕｒｉｔｉｅｓ Ａｎｄ Ｆｕｔｕｒｅｓ Ｔｕｌｌｅｔ Ｐｒｅｂｏｎ (Ｓｅｃｕｒｉｔｉｅｓ) Ｌｉｍｉｔｅｄ ＵＢＳ Ｃｌｅａｒｉｎｇ & Ｅｘｅｃｕｔｉｏｎ Ｓｅｒｖｉｃｅｓ Ｌｉｍｉｔｅｄ ＵＢＳ Ｌｉｍｉｔｅｄ ( Ｉ ＨＡＶＥ ＴＡＫＥＮ ＴＨＥ ＬＩＢＥＲＴＹ ＯＦ ＵＮＤＥＲＬＩＮＩＮＧ ＳＯＭＥ ＯＦ ＴＨＥ ＦＩＮＡＮＣＩＡＬ ＩＮＳＴＩＴＵＴＩＯＮＳ ＴＨＡＴ ＨＡＶＥ ＲＥＣＥＩＶＥＤ ＭＥＤＩＡ ＡＴＴＥＮＴＩＯＮ ＦＯＲ ＴＨＥＩＲ ＰＡＲＴ ＩＮ ＴＨＥ ＣＵＲＲＥＮＴ ＥＣＯＮＯＭＩＣ ＳＩＴＵＡＴＩＯＮ...ｕｎｃｌｅｔｕｍｂｌｅｗｅｅｄ) Ｐｕｂｌｉｃａｔｉｏｎ ｏｆ ａｎｙ ｎａｍｅ ａｓ ａ Ｒｅｇｉｓｔｅｒｅｄ Ｂｅｎｅｆｉｃｉａｒｙ ｉｎ ｔｈｅ Ｒｅｖｅｎｕｅ Ｓｈａｒｅ Ｃｌｅａｒｉｎｇ Ｓｃｈｅｍｅ ｏｒ Ｒｅｐｏｒｔｉｎｇ Ｓｃｈｅｍｅ ｆｏｒ Ｃｒｅｄｉｔ Ｄｅｆａｕｌｔ Ｓｗａｐ ("ＣＤＳ") Ｉｎｄｅｘ Ｃｏｎｔｒａｃｔｓ ｏｎ Ｂｃｌｅａｒ ｄｏｅｓ ｎｏｔ ｉｎｄｉｃａｔｅ ｔｈａｔ ｓｕｃｈ ｎａｍｅ(ｓ) ａｒｅ ｏｐｅｒａｔｉｏｎａｌｌｙ ｒｅａｄｙ ｔｏ ｆａｃｉｌｉｔａｔｅ ＣＤＳ Ｃｏｎｔｒａｃｔｓ ｏｎ Ｂｃｌｅａｒ. Ｐｏｔｅｎｔｉａｌ ｕｓｅｒｓ ｏｆ Ｂｃｌｅａｒ ｆｏｒ ＣＤＳ ｂｕｓｉｎｅｓｓ ｓｈｏｕｌｄ ｄｉｒｅｃｔ ａｎｙ ｅｎｑｕｉｒｉｅｓ ａｂｏｕｔ ｏｐｅｒａｔｉｏｎａｌ ｒｅａｄｉｎｅｓｓ ｔｏ ｔｈｅ ｎａｍｅｄ Ｒｅｇｉｓｔｅｒｅｄ Ｂｅｎｅｆｉｃｉａｒｙ ｃｏｎｃｅｒｎｅｄ. Ｔｈｉｓ ＵＲＬ ｗｉｌｌ ｔａｋｅ ｙｏｕ ｔｏ ａｎ ｉｎｔｅｒｅｓｔｉｎｇ ａｒｔｉｃｌｅ ｗｈｉｃｈ ｅｘｐｌａｉｎｓ ｈｏｗ ｍｏｎｅｙ ｃａｎ ｂｅ ｍｏｖｅｄ ｏｆｆｓｈｏｒｅ. ｈｔｔｐ://ｗｗｗ.ｈｅｄｇｅｗｅｅｋ.ｃｏｍ/ａｒｔｉｃｌｅｓ/ｄｅｔａｉｌ.ｊｓｐ?ｃｏｎｔｅｎｔ_ｉｄ=271320 (ＯＨ, ｂｙ ｔｈｅ ｗａｙ, Ｉ ｈａｖｅ ｓｅｎｔ ｔｈｉｓ ａｒｔｉｃｌｅ ｔｏ ... ａｓ ｍａｎｙ "ａｌｐｈａｂｅｔ ｓｏｕｐ" ａｇｅｎｃｉｅｓ ａｓ Ｉ ｃｏｕｌｄ, ｈｏｐｉｎｇ ｔｈｅｙ ｈａｖｅ ｓｏｍｅ ｉｎｆｌｕｅｎｃｅ ｉｎ ｇｅｔｔｉｎｇ ｌａｗｓ ｅｎａｃｔｅｄ ｔｏ ｐｒｅｖｅｎｔ ｆｌｉｇｈｔ ｏｆ ｃａｐｉｔａｌ...) Ｔｈｅ ｆｏｌｌｏｗｉｎｇ ＵＲＬ ｌｉｎｋｓ ｔａｋｅ ｙｏｕ ｔｏ ａｄｖｅｒｔｉｓｉｎｇ ｆｏｒ ｓｏｍｅ ｓｅｒｖｉｃｅｓ ｏｆｆｅｒｅｄ ｂｙ ｅｌｅｃｔｒｏｎｉｃ ｅｘｃｈａｎｇｅｓ: ｈｔｔｐ://ｗｗｗ.ｅｕｒｏｎｅｘｔ.ｃｏｍ/ｆｉｃ/000/042/273/422732.ｐｄｆ ｈｔｔｐ://ｗｗｗ.ｅｕｒｏｎｅｘｔ.ｃｏｍ/ｆｉｃ/000/042/273/422733.ｐｄｆ ｈｔｔｐ://ｗｗｗ.ｅｕｒｏｎｅｘｔ.ｃｏｍ/ｆｉｃ/000/035/309/353093.ｐｄｆ ＣＤＳ Ｐｕｂｌｉｃａｔｉｏｎｓ (Ｄａｔｅｓ ａｒｅ ｄｄ/ｍｍ/ｙｙｙｙ...ｕｎｃｌｅｔｕｍｂｌｅｗｅｅｄ) Ａｄｏｂｅ ｒｅａｄｅｒ ｉｓ ｒｅｑｕｉｒｅｄ ｔｏ ｖｉｅｗ ｔｈｅｓｅ ｄｏｃｕｍｅｎｔｓ Ｄａｔｅ 22/01/2008 Ｔｉｔｌｅ ＣＤＳ ｏｎ Ｂｃｌｅａｒ - ｓｏｍｅ ＦＡＱｓ 22/01/2009 ＣＤＳ ｏｎ Ｂｃｌｅａｒ: ａｎ ｏｖｅｒｖｉｅｗ 22/01/2009 ＣＤＳ ｏｎ Ｂｃｌｅａｒ - ｔｅｃｈｎｏｌｏｇｙ 22/01/2009 ＣＤＳ ｏｎ Ｂｃｌｅａｒ - ｆｅｅｓ 01/11/2008 Ｇｒｅｅｎｗｉｃｈ Ａｓｓｏｃｉａｔｅｓ - Ａｕｇｕｓｔ 2008: Ｃｏｕｎｔｅｒｐａｒｔｙ Ｒｉｓｋ ａｓ Ｇｒｏｗｉｎｇ Ｔｈｒｅａｔ 01/11/2008 Ｃｒｅｄｉｔ Ｍａｇａｚｉｎｅ - Ｏｃｔｏｂｅｒ 2008: ＣＤＳ Ｐｒｏｃｅｓｓｉｎｇ 01/12/2008 Ｈｅｄｇｅｗｅｅｋ Ｓｐｅｃｉａｌ Ｒｅｐｏｒｔ - Ｎｏｖｅｍｂｅｒ 2008: Ｉｎｎｏｖａｔｉｏｎ 27/01/2009 Ｂｃｌｅａｒ ＧＵＩ ｆｏｒ ＣＤＳ ............................................................................ Ｔｈｅ Ｃｏｎｇｒｅｓｓｉｏｎａｌ Ｏｖｅｒｓｉｇｈｔ Ｐａｎｅｌ'ｓ "Ｓｐｅｃｉａｌ Ｒｅｐｏｒｔ ｏｎ Ｒｅｇｕｌａｔｏｒｙ Ｒｅｆｏｒｍ" (Ｊａｎｕａｒｙ, 2009) ｂｅｇｉｎｓ ｗｉｔｈ ｔｈｉｓ ｅｖａｌｕａｔｉｏｎ ｏｆ ｔｈｅ ｓｉｔｕａｔｉｏｎ, ｙｅｔ, ｔｈｅ ｅｘｅｍｐｔｉｏｎｓ ｇｒａｎｔｅｄ ｔｏ ｔａｋｅ ｅｆｆｅｃｔ ｏｎ 01/22/2009 ｃｏｉｎｃｉｄｅ ｗｉｔｈ Ｂｃｌｅａｒ'ｓ ａｇｅｎｄａ. Ｉ. Ｅｘｅｃｕｔｉｖｅ Ｓｕｍｍａｒｙ 1. Ｌｅｓｓｏｎｓ ｆｒｏｍ ｔｈｅ Ｐａｓｔ Ｆｉｎａｎｃｉａｌ ｃｒｉｓｅｓ ａｒｅ ｎｏｔ ｎｅｗ. Ａｓ ｅａｒｌｙ ａｓ 1792, ｄｕｒｉｎｇ ｔｈｅ ｐｒｅｓｉｄｅｎｃｙ ｏｆ Ｇｅｏｒｇｅ Ｗａｓｈｉｎｇｔｏｎ, ｔｈｅ ｎａｔｉｏｎ ｓｕｆｆｅｒｅｄ ａ ｓｅｖｅｒｅ ｐａｎｉｃ ｔｈａｔ ｆｒｏｚｅ ｃｒｅｄｉｔ ａｎｄ ｎｅａｒｌｙ ｂｒｏｕｇｈｔ ｔｈｅ ｙｏｕｎｇ ｅｃｏｎｏｍｙ ｔｏ ｉｔｓ ｋｎｅｅｓ. Ｏｖｅｒ ｔｈｅ ｎｅｘｔ 140 ｙｅａｒｓ, ｆｉｎａｎｃｉａｌ ｃｒｉｓｅｓ ｓｔｒｕｃｋ ｏｎ ａ ｒｅｇｕｌａｒ ｂａｓｉｓ-ｉｎ 1797, 1819, 1837, 1857, 1873, 1893-96, 1907, ａｎｄ 1929-33-ｒｏｕｇｈｌｙ ｅｖｅｒｙ ｆｉｆｔｅｅｎ ｔｏ ｔｗｅｎｔｙ ｙｅａｒｓ. Ｂｕｔ ａｓ ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｅｍｅｒｇｅｄ ｆｒｏｍ ｔｈｅ Ｇｒｅａｔ Ｄｅｐｒｅｓｓｉｏｎ, ｓｏｍｅｔｈｉｎｇ ｒｅｍａｒｋａｂｌｅ ｈａｐｐｅｎｅｄ: ｔｈｅ ｃｒｉｓｅｓ ｓｔｏｐｐｅｄ. Ｎｅｗ ｆｉｎａｎｃｉａｌ ｒｅｇｕｌａｔｉｏｎ-ｉｎｃｌｕｄｉｎｇ ｆｅｄｅｒａｌ ｄｅｐｏｓｉｔ ｉｎｓｕｒａｎｃｅ, ｓｅｃｕｒｉｔｉｅｓ ｒｅｇｕｌａｔｉｏｎ, ａｎｄ ｂａｎｋｉｎｇ ｓｕｐｅｒｖｉｓｉｏｎ-ｅｆｆｅｃｔｉｖｅｌｙ ｐｒｏｔｅｃｔｅｄ ｔｈｅ ｓｙｓｔｅｍ ｆｒｏｍ ｄｅｖａｓｔａｔｉｎｇ ｏｕｔｂｒｅａｋｓ. Ｅｃｏｎｏｍｉｃ ｇｒｏｗｔｈ ｒｅｔｕｒｎｅｄ, ｂｕｔ ｒｅｃｕｒｒｅｎｔ ｆｉｎａｎｃｉａｌ ｃｒｉｓｅｓ ｄｉｄ ｎｏｔ. Ｉｎ ｔｉｍｅ, ａ ｆｉｎａｎｃｉａｌ ｃｒｉｓｉｓ ｗａｓ ｓｅｅｎ ａｓ ａ ｇｈｏｓｔ ｏｆ ｔｈｅ ｐａｓｔ. Ａｆｔｅｒ ｆｉｆｔｙ ｙｅａｒｓ ｗｉｔｈｏｕｔ ａ ｆｉｎａｎｃｉａｌ ｃｒｉｓｉｓ-ｔｈｅ ｌｏｎｇｅｓｔ ｓｕｃｈ ｓｔｒｅｔｃｈ ｉｎ ｔｈｅ ｎａｔｉｏｎ'ｓ ｈｉｓｔｏｒｙ-ｆｉｎａｎｃｉａｌ ｆｉｒｍｓ ａｎｄ ｐｏｌｉｃｙ ｍａｋｅｒｓ ｂｅｇａｎ ｔｏ ｓｅｅ ｒｅｇｕｌａｔｉｏｎ ａｓ ａ ｂａｒｒｉｅｒ ｔｏ ｅｆｆｉｃｉｅｎｔ ｆｕｎｃｔｉｏｎｉｎｇ ｏｆ ｔｈｅ ｃａｐｉｔａｌ ｍａｒｋｅｔｓ ｒａｔｈｅｒ ｔｈａｎ ａ ｎｅｃｅｓｓａｒｙ ｐｒｅｃｏｎｄｉｔｉｏｎ ｆｏｒ ｓｕｃｃｅｓｓ. Ｔｈｉｓ ｃｈａｎｇｅ ｉｎ ａｔｔｉｔｕｄｅ ｈａｄ ｕｎｆｏｒｔｕｎａｔｅ ｃｏｎｓｅｑｕｅｎｃｅｓ. Ａｓ ｆｉｎａｎｃｉａｌ ｍａｒｋｅｔｓ ｇｒｅｗ ａｎｄ ｇｌｏｂａｌｉｚｅｄ, ｏｆｔｅｎ ｗｉｔｈ ｂｒｅａｔｈｔａｋｉｎｇ ｓｐｅｅｄ, ｔｈｅ Ｕ.Ｓ. ｒｅｇｕｌａｔｏｒｙ ｓｙｓｔｅｍ ｃｏｕｌｄ ｈａｖｅ ｂｅｎｅｆｉｔｅｄ ｆｒｏｍ ｓｍａｒｔ ｃｈａｎｇｅｓ. Ｂｕｔ ｄｅｒｅｇｕｌａｔｉｏｎ ａｎｄ ｔｈｅ ｇｒｏｗｔｈ ｏｆ ｕｎｒｅｇｕｌａｔｅｄ, ｐａｒａｌｌｅｌ ｓｈａｄｏｗ ｍａｒｋｅｔｓ ｗｅｒｅ ａｃｃｏｍｐａｎｉｅｄ ｂｙ ｔｈｅ ｎｅａｒｌｙ ｕｎｒｅｓｔｒｉｃｔｅｄ ｍａｒｋｅｔｉｎｇ ｏｆ ｉｎｃｒｅａｓｉｎｇｌｙ ｃｏｍｐｌｅｘ ｃｏｎｓｕｍｅｒ ｆｉｎａｎｃｉａｌ ｐｒｏｄｕｃｔｓ ｔｈａｔ ｍｕｌｔｉｐｌｉｅｄ ｒｉｓｋ ａｔ ｅｖｅｒｙ ｓｔｒａｔｕｍ ｏｆ ｔｈｅ ｅｃｏｎｏｍｙ, ｆｒｏｍ ｔｈｅ ｆａｍｉｌｙ ｌｅｖｅｌ ｔｏ ｔｈｅ ｇｌｏｂａｌ ｌｅｖｅｌ. Ｔｈｅ ｒｅｓｕｌｔ ｐｒｏｖｅｄ ｄｉｓａｓｔｒｏｕｓ. Ｔｈｅ ｆｉｒｓｔ ｗａｒｎｉｎｇ ｆｏｌｌｏｗｅｄ ｄｅｒｅｇｕｌａｔｉｏｎ ｏｆ ｔｈｅ ｔｈｒｉｆｔｓ, ｗｈｅｎ ｔｈｅ ｃｏｕｎｔｒｙ ｓｕｆｆｅｒｅｄ ｔｈｅ ｓａｖｉｎｇｓ ａｎｄ ｌｏａｎ ｃｒｉｓｉｓ ｉｎ ｔｈｅ 1980ｓ. Ａ ｓｅｃｏｎｄ ｗａｒｎｉｎｇ ｃａｍｅ ｉｎ 1998 ｗｈｅｎ ａ ｃｒｉｓｉｓ ｗａｓ ｏｎｌｙ ｎａｒｒｏｗｌｙ ａｖｅｒｔｅｄ ｆｏｌｌｏｗｉｎｇ ｔｈｅ ｆａｉｌｕｒｅ ｏｆ ａ ｌａｒｇｅ ｕｎｒｅｇｕｌａｔｅｄ ｈｅｄｇｅ ｆｕｎｄ. Ｔｈｅ ｎｅａｒ ｆｉｎａｎｃｉａｌ ｐａｎｉｃ ｏｆ 2002, ｂｒｏｕｇｈｔ ｏｎ ｂｙ ｃｏｒｐｏｒａｔｅ ａｃｃｏｕｎｔｉｎｇ ａｎｄ ｇｏｖｅｒｎａｎｃｅ ｆａｉｌｕｒｅｓ, ｓｏｕｎｄｅｄ ａ ｔｈｉｒｄ ｗａｒｎｉｎｇ. Ｔｈｅ Ｕｎｉｔｅｄ Ｓｔａｔｅｓ ｎｏｗ ｆａｃｅｓ ｉｔｓ ｗｏｒｓｔ ｆｉｎａｎｃｉａｌ ｃｒｉｓｉｓ ｓｉｎｃｅ ｔｈｅ Ｇｒｅａｔ Ｄｅｐｒｅｓｓｉｏｎ. Ｉｔ ｉｓ ｃｒｉｔｉｃａｌ ｔｈａｔ ｔｈｅ ｌｅｓｓｏｎｓ ｏｆ ｔｈａｔ ｃｒｉｓｉｓ ｂｅ ｓｔｕｄｉｅｄ ｔｏ ｒｅｓｔｏｒｅ ａ ｐｒｏｐｅｒ ｂａｌａｎｃｅ ｂｅｔｗｅｅｎ ｆｒｅｅ ｍａｒｋｅｔｓ ａｎｄ ｔｈｅ ｒｅｇｕｌａｔｏｒｙ ｆｒａｍｅｗｏｒｋ ｎｅｃｅｓｓａｒｙ ｔｏ ｅｎｓｕｒｅ ｔｈｅ ｏｐｅｒａｔｉｏｎ ｏｆ ｔｈｏｓｅ ｍａｒｋｅｔｓ ｔｏ ｐｒｏｔｅｃｔ ｔｈｅ ｅｃｏｎｏｍｙ, ｈｏｎｅｓｔ ｍａｒｋｅｔ ｐａｒｔｉｃｉｐａｎｔｓ, ａｎｄ ｔｈｅ ｐｕｂｌｉｃ. 2. Ｓｈｏｒｔｃｏｍｉｎｇｓ ｏｆ ｔｈｅ Ｐｒｅｓｅｎｔ Ｔｈｅ ｃｕｒｒｅｎｔ ｃｒｉｓｉｓ ｓｈｏｕｌｄ ｃｏｍｅ ａｓ ｎｏ ｓｕｒｐｒｉｓｅ. Ｔｈｅ ｐｒｅｓｅｎｔ ｒｅｇｕｌａｔｏｒｙ ｓｙｓｔｅｍ ｈａｓ ｆａｉｌｅｄ ｔｏ ｅｆｆｅｃｔｉｖｅｌｙ ｍａｎａｇｅ ｒｉｓｋ, ｒｅｑｕｉｒｅ ｓｕｆｆｉｃｉｅｎｔ ｔｒａｎｓｐａｒｅｎｃｙ, ａｎｄ ｅｎｓｕｒｅ ｆａｉｒ ｄｅａｌｉｎｇｓ. Ｃｏｎｃｌｕｓｉｏｎ: Ｔｈｅ ｅｖｅｎｔｓ ｂｅｇｉｎｎｉｎｇ ｏｎ Ｍａｒｃｈ 9, 2009 ｗｉｌｌ ｄｅｔｅｒｍｉｎｅ ｉｆ Ｉ ａｍ ｃｏｒｒｅｃｔ ｔｈａｔ ｗｈａｔ ｗｅ ａｒｅ ａｂｏｕｔ ｔｏ ｅｘｐｅｒｉｅｎｃｅ ｉｎ ｆｉｎａｎｃｉａｌ ｕｐｈｅａｖａｌ, ｐｏｌｉｔｉｃａｌ ｕｐｈｅａｖａｌ, ａｎｄ ｒｅｌｉｇｉｏｕｓ ｕｐｈｅａｖａｌ ａｒｅ ｔｈｅ ｒｅｓｕｌｔ ｏｆ ａ ｃｏｌｌｕｓｉｏｎ, ｃｏｎｓｐｉｒａｃｙ, ｏｒ ｐａｒｔｉｓａｎ ｓｔｕｐｉｄｉｔｙ. Ｔｈｅ ｔｒｕｅ ｉｒｏｎｙ ｏｆ ｐａｒｔｉｓａｎ ｓｔｕｐｉｄｉｔｙ ｉｓ: Ｉｔ ｈａｓ ｂｅｅｎ ｂｉｐａｒｔｉｓａｎ! |
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