Obama axes derivatives regulator for standing up to Big Banks

President Barack Obama is poised to nominate Amanda Renteria, a former Senate staffer, to replace Gary Gensler atop the main U.S. derivatives regulator amid an intensifying fight between Gensler and the world’s major banks and regulators over cross-border transactions.

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[h=2]Obama should not chase CFTC-head Gary Gensler away[/h]

Renteria’s elevation would end Gensler’s tenure as the nation’s top derivatives overseer. A former Goldman Sachs executive who was viewed skeptically by some liberal lawmakers when he was first nominated in 2009, Gensler has become perhaps Wall Street’s leading foe as he has sought to curb risk and expand transparency and competition in the previously opaque market for a type of derivatives known as swaps.

Gensler has transformed a once-unknown agency to one at the forefront of financial regulation as CFTC rules are shaking up a marketplace unaccustomed to government supervision. His rules threaten to decrease profits at the nation’s largest banks as formerly unregulated activities are forced to comply with provisions that help buyers compare prices and compel banks to stump up more cash to back their trades.

One of the administration’s longest-serving regulators, Gensler has clashed with the Treasury Department, foreign regulators from countries including the United Kingdom and Japan, dozens of U.S. lawmakers and the leading world banks over his efforts to impose stringent rules on a once little-regulated market that fueled the financial crisis and nearly toppled financial groups including AIG, the giant U.S. insurer.

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Gensler Staring Down Administration and Banks on Derivatives Reform

Readers may recall that Gary Gensler, the head of the Commodities Futures Trading Commission, is being pushed out by Obama. His planned replacement is so appallingly lightweight (oh, and formerly in a very junior role at Goldman) as to assure that all she’ll be able to do is take dictation from financial firm lobbyists.

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Neomalthusian said:

[h=2]Obama should not chase CFTC-head Gary Gensler away[/h]

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so essentially a guy is getting fired for wanting to regulate the very thing that caused the financial crisis,rather than lettinng it recreate itself.

not surprised,obamarecieved heavy funds from banks for both his elections,and no politician ever defies their fundors and stays in the game.

They are protesting Obama right now in South Africa ....know why?
Because Obama was ushered in as a guy who would change and transform the house of cards Reagan set up to enrich only those at the top.

But as many have found out ....Obama is maintaining the status quo ....he's not President Barack Obama ....he's more President Barack Bush.
Those on the right are so ideologically brainwashed ....they so hate the sight of Obama (as a black man) that they don't care!!

They cheer for any hatred of Obama ....even though people across the globe also hates Obama ....because he's practicing the very ideology professed by the right wing!!

I truly believe if you removed Obama from office today ...insert any right wing president ...they'll do 90% of what Obama is doing right now ...and you'll have these same right wing nut-bags ...defending it!!