Rep. Gottheimer Asks Regulators to Deregulate Banks He’s Invested In

Big Wall Street banks are on a mission to reverse a section of the Dodd-Frank financial reform bill that requires them to post collateral when making internal derivatives transactions among their affiliates and subsidiaries. Congressional Republicans have supported the banks’ efforts for several years. Now a key House Democrat has taken up their cause.

Financial Services Committee member Rep. Josh Gottheimer (D-N.J.) has begun urging regulators to act on the matter, spearheading a letter that asks them to take “quick action” to repeal the requirement. The letter, which is co-signed by 16 other Democrats, was drafted and circulated by Gottheimer’s office, according to a source familiar with the matter. 

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