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Sunday, June 19, 2011


Posted by Lew Rockwell on June 17, 2011 04:36 PM

New Metals Trading Restrictions

Writes Jason:
Just got a notice in the mail from my Forex broker. Apparently it is illegal to trade currencies against precious metals now. What a good way to show how safe the dollar is.
From Forex.com:
We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.
In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.
When I got the notice I immediately thought of your blog, so I decided to share the news.



Create a Sound Economic Foundation to Grow Jobs, Protect Consumers, Rein in 
Wall Street and Big Bonuses, End Bailouts and Too Big to Fail, Prevent Another 
Financial Crisis Years without accountability for Wall Street and big banks brought us 
the worst financial crisis since the Great Depression, the loss of 8 million jobs, 
failed businesses, a drop in housing prices, and wiped out personal savings.  
The failures that led to this crisis require bold action.  

We must restore responsibility and accountability in our financial system to give Americans 
confidence that there is a system in place that works for and protects them.  
We must create a sound foundation to grow the economy and create jobs.

Consumer Protections with Authority and Independence: Creates a new 
independent watchdog, housed at the Federal Reserve, with the authority to 
ensure American consumers get the clear, accurate information they need to 
shop for mortgages, credit cards, and other financial products, and protect 
them from hidden fees, abusive terms, and deceptive practices.   
Ends Too Big to Fail Bailouts: Ends the possibility that taxpayers will be 
asked to write a check to bail out financial firms that threaten the economy 
by: creating a safe way to liquidate failed financial firms; imposing tough 
new capital and leverage requirements that make it undesirable to get too 
big; updating the Fed’s authority to allow system-wide support but no longer 
prop up individual firms; and establishing rigorous standards and 
supervision to protect the economy and American consumers, investors and 

Advance Warning System: Creates a council to identify and address systemic 
risks posed by large, complex companies, products, and activities before they 
threaten the stability of the economy.   Transparency & Accountability for Exotic Instruments: Eliminates 
loopholes that allow risky and abusive practices to go on unnoticed and 
unregulated -- including loopholes for over-the-counter derivatives, assetbacked securities, hedge funds, mortgage brokers and payday lenders.

Executive Compensation and Corporate Governance: Provides shareholders 
with a say on pay and corporate affairs with a non-binding vote on executive 
compensation and golden parachutes.

Protects Investors: Provides tough new rules for transparency and 
accountability for credit rating agencies to protect investors and businesses. 
Enforces Regulations on the Books: Strengthens oversight and empowers 
regulators to aggressively pursue financial fraud, conflicts of interest and 
manipulation of the system that benefits special interests at the expense of 
American families and businesses.

The Consumer Financial Protection Bureau 

Independent Head: Led by an independent director appointed by the 
President and confirmed by the Senate.

Independent Budget: Dedicated budget paid by the Federal Reserve 

Independent Rule Writing: Able to autonomously write rules for 
consumer protections governing all financial institutions – banks and nonbanks – offering consumer financial services or products.   

Examination and Enforcement: Authority to examine and enforce 
regulations for banks and credit unions with assets of over $10 billion and 
all mortgage-related businesses (lenders, servicers, mortgage brokers, and 
foreclosure scam operators), payday lenders, and student lenders as well 
as other non-bank financial companies that are large, such as debt 
collectors and consumer reporting agencies.  Banks and Credit Unions 
with assets of $10 billion or less will be examined for consumer complaints 
by the appropriate regulator.  

Consumer Protections: Consolidates and strengthens consumer protection 
responsibilities currently handled by the Office of the Comptroller of the Currency, 
Office of Thrift Supervision, Federal Deposit Insurance Corporation, 
Federal Reserve, National Credit Union Administration, 
the Department of Housing and Urban Development, and Federal Trade 

Will also oversee the enforcement of federal laws intended to 
ensure the fair, equitable and nondiscriminatory access to credit for 
individuals and communities. 

Able to Act Fast:  With this Bureau on the lookout for bad deals and 
schemes, consumers won’t have to wait for Congress to pass a law to be 
protected from bad business practices.

Educates: Creates a new Office of Financial Literacy.

Consumer Hotline: Creates a national consumer complaint hotline so 
consumers will have, for the first time, a single toll-free number to report 
problems with financial products and services.

Accountability: Makes one office accountable for consumer protections.  
With many agencies sharing responsibility, it’s hard to know who is 
responsible for what, and easy for emerging problems that haven’t 
historically fallen under anyone’s purview, to fall through the cracks. 

Works with Bank Regulators: Coordinates with other regulators when 
examining banks to prevent undue regulatory burden.  Consults with 
regulators before a proposal is issued and regulators could appeal 
regulations they believe would put the safety and soundness of the 
banking system or the stability of the financial system at risk.

Clearly Defined Oversight:  Protects small business from unintentionally 
being regulated by the CFPB, excluding businesses that meet certain 


The Financial Stability Oversight Council 

Expert Members:  Made up of 10 federal financial regulators and an 
independent member and 5 nonvoting members, the Financial Stability 
Oversight Council will be charged with identifying and responding to 
emerging risks throughout the financial system. The Council will be 
chaired by the Treasury Secretary and include the Federal Reserve Board, 
SEC, CFTC, OCC, FDIC, FHFA, NCUA, the new Consumer Financial 
Protection Bureau, and an independent appointee with insurance expertise.  
The 5 nonvoting members include OFR, FIO, and state banking, 
insurance, and securities regulators.  

Tough to Get Too Big: Makes recommendations to the Federal Reserve for 
increasingly strict rules for capital, leverage, liquidity, risk management 
and other requirements as companies grow in size and complexity, with 
significant requirements on companies that pose risks to the financial 

Regulates Nonbank Financial Companies:  Authorized to require, with a 
2/3 vote and vote of the chair, that a nonbank financial company be 
regulated by the Federal Reserve if the council believe there would be 
negative effects on the financial system if the company failed or its 
activities would pose a risk to the financial stability of the US.   

Break Up Large, Complex Companies: Able to approve, with a 2/3 vote 
and vote of the chair, a Federal Reserve decision to require a large, 
complex company, to divest some of its holdings if it poses a grave threat 
to the financial stability of the United States – but only as a last resort.  

Technical Expertise: Creates a new Office of Financial Research within 
Treasury to be staffed with a highly sophisticated staff of economists, 
accountants, lawyers, former supervisors, and other specialists to support 
the council’s work by collecting financial data and conducting economic 

Make Risks Transparent: Through the Office of Financial Research and 
member agencies the council will collect and analyze data to identify and 
monitor emerging risks to the economy and make this information public 
in periodic reports and testimony to Congress every year. 

No Evasion: Large bank holding companies that have received TARP 
funds will not be able to avoid Federal Reserve supervision by simply 
dropping their banks. (the “Hotel California” provision)

Capital Standards: Establishes a floor for capital that cannot be lower than 
the standards in effect today and authorizes the Council to impose a 15-1 
leverage requirement at a company if necessary to mitigate a grave threat 
to the financial system.
Limiting Large, Complex Financial Companies and Preventing Future 


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