Mr Bachus told the FT that he would go “page by page†‰ [through Dodd-Frank].†‰.†‰.†‰to identify job-killing provisions or lending-killing provisions”. He highlighted new rules pushing over-the-counter derivatives trading through clearing houses and on to exchanges as a problem for non-financial corporate users.
“The derivatives provisions in Dodd-Frank alone… as they stand now they’re going to take a trillion dollars out of our economy. Think how many jobs that’s going to kill,” he said.
It is difficult to fathom how that last pararaph (article here) can make any sense, other than as fabrication. What is the public choice factor here? Ag producers who trade customized swaps and who wish to keep doing so? Or is it financial institutions, including the trading branches of commodities firms, which earn money trading the spread? How about traders which don't want to deal with the potentially onerous margin requirements at a newly established clearinghouse? All of the above?