金融規制法への障壁 ー "London Whale Loophole Act"
ドッド＝フランク法が2011年の夏、ようやくのことで成立したのだが、その後の具体的な執行・組織づくりにおいて、共和党からの反対・妨害行動が持続して続けられてきていることは周知のとおりである（エリザベス・ワレンを消費者金融保護局の長にするのを拒絶する動きなど）。最近の動きとして金融界のロビー活動はさらに一層活発になり、ドッド＝フランク法の重要な箇所を削除しようとする動きが顕著になってきている。その１つが下院で可決された,
いわゆる「ロンドン・鯨・抜け穴法」（もちろん批判者による命名）である。これは「スワップ」と呼ばれるデリバティブを海外の子会社が実施する場合、当該地の法のもとに属するものとする法で、事実上、アメリカの巨大金融機関が推進しているものである。つまり、自由にこの取引を行うことができることになる。
いまのところ、上院での可決は見込まれてはおらず、かつ大統領は拒否権発動をするから、法案の成立はない。しかし、民主党内部でこの問題をめぐる考えに顕著な分裂傾向がみられ、それが銀行委員会での動きにもみられるのが、大きな懸念材料になっている。これらの動きは、いわゆる「リンカーン条項」の削除要求であり、CFTCの人事問題も俎上にのぼっている。
＊＊＊HUFF Post
WASHINGTON -- The U.S. House of Representatives passed a slate of bills Wednesday intended to roll back recent financial reforms and deregulate derivatives, the complex financial products at the heart of the 2008 financial crisis.
The legislation aimed at the 2010 overhaul of financial regulation known as Dodd-Frank cleared with broad bipartisan backing. One bill passed despite strenuous objections from the White House, leading regulators and senior lawmakers such as Maxine Waters (D-Calif), the top Democrat on the House Financial Services Committee. Nearly two-thirds of House Democrats opposed that measure, which aims to curb U.S. supervision of overseas activities by U.S. banks, even though nearly two-thirds of Democrats on the banking committee voted for it last month.
The measures are unlikely to advance in the Senate or be signed into law by President Barack Obama. Still, House approval increases the odds. It also puts further pressure on regulators, such as the Commodity Futures Trading Commission, that rely on Congress for funding.
The most significant derivatives measure approved by the House has been derisively referred to on Capitol Hill as the "London Whale Loophole Act" -- a reference to the $6 billion trading loss on wrong-way derivatives bets placed by a group of London-based traders at JPMorgan Chase, the largest U.S. bank by assets. The bill targets swaps, a type of derivative, and it effectively exempts overseas activities by U.S. financial groups from U.S. oversight.
The measure would place roadblocks in front of the Commodity Futures Trading Commission and the Securities and Exchange Commission if they tried to supervise overseas swaps trading by U.S. institutions, activities they are trying to regulate on the belief that U.S.-based financial institutions -- and possibly taxpayers -- ultimately would be on the hook if swaps trading led to massive losses. Instead, it would allow for overseas activities to be regulated by foreign jurisdictions.
Some nations with major financial centers are working to finalize their own reforms of the swaps market, including the European Union. The U.S. is considered to be far ahead in implementing its proposals. U.S. rules also are considered to be the strictest.
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