Sens. Jeff Merkley (D-OR) and Carl Levin (D-MI) just introduced a bold new proposal to ban big banks from gambling with our money. It's ridiculous this isn't illegal already, but without public support the laws might not even get changed.
Will you help us show this proposal has grassroots support by signing this petition?
PETITION TO THE SENATE: "The big Wall Street banks gambled away our money on a reckless housing bubble and then insisted we spend more money bailing them out. We need you to support the Merkley-Levin proposal to end this risky gambling and other conflicts of interest."Senators are getting tons of pressure from the big banks to oppose this proposal. We need to show them ordinary people will get their back. Can you add your name on the right? Then, we'll give you the number to call your senator.
S. 3098:
PROP Trading Act
111th Congress
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2009-2010
Track S. 3098
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See S. 3098 on THOMAS for the official source of information on this bill or resolution.
Summaries
Congressional Research Service Summary
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3/10/2010--Introduced.
Protect Our Recovery Through Oversight of Proprietary Trading Act of 2010 or the PROP Trading Act - Amends the Bank Holding Company Act of 1956 to prohibit a banking entity from: (1) engaging in proprietary trading; or (2) having an ownership interest in or sponsoring a hedge fund or a private equity fund.
Subjects any specified nonbank financial company holding such proprietary trading and ownership interests to additional capital requirements and additional quantitative limits. Directs the Board of Governors of the Federal Reserve System (Board) and the Federal Deposit Insurance Corporation (FDIC) to adopt rules jointly to implement this Act. Authorizes the Board and the FDIC to exclude from such prohibitions specified transactions or activities, including: (1) the purchase or sale of obligations of the United States or any federal agency; (2) instruments issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (3) obligations of any state or its political subdivision. Prohibits from the class of excluded activities any transactions that would: (1) result in a material conflict of interest between the banking entity or the nonbank financial company and its clients, customers, or counterparties; (2) result in exposure to high risk assets or high risk trading strategies; (3) threaten the safety and soundness of a banking entity or the nonbank financial company; or (4) threaten the financial stability of the United States. Prohibits any banking entity that serves, directly or indirectly, as the investment manager or investment adviser to a hedge fund or private equity fund from entering into a covered transaction with, or provide custody, securities lending, or other prime brokerage services to, such person. Treats a banking entity that serves as investment manager or investment adviser to a hedge fund or private equity fund as if: (1) it were a member bank subject to the Federal Reserve Act; and (2) the hedge fund or private equity fund were an affiliate thereof. Amends the Securities Act of 1933 to prohibit an underwriter, placement agent, initial purchaser, or sponsor of an asset-backed security, while the security is outstanding and held by unaffiliated investors, from engaging in any transaction that would: (1) give rise to any material conflict of interest with respect to any investor; or (2) undermine the value, risk, or performance of such security
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