Early Warning: Ex-Goldman Sachs Exec Introduces Bill To Deregulate Derivatives

Fasten your seatbelts people.  From HuffPo: Rep. Jim Himes (D-Conn.), a former Wall Street executive, is joining Rep. Randy Hultgren (R-Ill.) to introduce legislation that would deregulate derivatives, undercutting one of the most meaningful elements of the 2010 Dodd-Frank Wall Street Reform Act.

Derivatives -- which Warren Buffett has referred to as “financial weapons of mass destruction” -- are viewed as a key trigger of the 2008 economic crisis.

The bill would "allow banks to keep commodity and equity derivatives in federally insured units," Politico reported on Wednesday, meaning that banks would no longer be forced to spin off their trading desks. It would weaken Dodd-Frank's "push out" provision, otherwise known as the Prohibition Against Federal Government Bailouts of Swaps Entities, which bars federal assistance from being provided to any swaps entity…

Wait...wait...there's more at http://www.huffingtonpost.com/2013/03/07/jim-himes-financial-reform-derivatives_n_2827597.html