US Financial Regulators To Convene This Week – Investor Protection High on the Agenda

The Dodd-Frank Wall Street Reform and Consumer Protection Act and its implementation will be overseen by Congress on February 14 as senior US financial regulators are due to appear before the Senate committee to report on and discuss the progress made in enacting the law.

The United States government takes consumer wellbeing very seriously indeed, and certainly this month there has been discussion within the Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term and financial sectors as to the proposed implementation of other aspects such as the NFA’s draconian plans to ban online deposit via credit card to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term companies.

This week's hearing therefore represents the United States’ ongoing efforts to oversee all aspects of business in the financial sector and pass laws as to how it can be conducted.

A panel has been formed, consisting of seven officials who will appear before the Senate Banking Committee this Thursday in a hearing during which the subject of discussion will be financial stability, and protection for consumers and investors.

The names and positions of the officials who will participate in the hearing are:

Commodity Futures Trading Commission Chairman (CFTC) Gary Gensler

Treasury Department’s Under Secretary for Domestic Finance, Mary Miller

Federal Reserve Governor Daniel Tarullo

Comproller of the Currency Tom Curry

Securities and Exchange Commission Chairman Elisse Walter

Consumer Financial Protection Bureau Director Richard Cordray

Federal Deposit Insurance Corp Chairman Martin Gruenberg

Several new rules called for by the Dodd-Frank law are in the process of being written by financial regulatory agencies. Many of the most controversial changes, such as a ban on proprietary trading (now known as the Volker rule), are still being finalized.

The Dodd-Frank law was originally passed as a result of the 2007 to 2009 financial crisis, and was signed into US federal law on July 21, 2010 by President Barack Obama.

As the focus on regulation within the industry is increasing, Forex Magnates published an in-depth feature on MiFID and HFT directives in the Forex Magnates Industry Report for Q4 2012