Oregon lawmaker will not let canada goose Fed forget to tackle commodities
(Repeats story originally published Sunday with no changes)
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NEW YORK, Aug 18 Just over a year ago, canada goose factory sale Oregon Senator Jeff Merkley was looking for a place to make a bold statement about his latest crusade: taking Wall Street traders to task for gaming commodity markets.
His Canada Goose Online office telephoned Bruce Kehe, marketing director at Portland Hopworks Urban Brewery, to see if the microbrewer buy canada goose jacket would host an event at which Merkley would blast banks such as Goldman Sachs Group Inc for driving buy canada goose jacket cheap up the price of Canada Goose online aluminum and other commodities.
canada goose clearance sale Allegations that banks were hoarding aluminum in warehouses they own had captured uk canada goose regulatory, legal and political attention in July 2013, when Merkley participated in the first hearing on the issue. canada goose clearance sale
buy canada goose jacket In the past year, the Senate Banking Committee has held a second hearing on the issue; the canada goose uk outlet Federal Reserve said it would consider ways to curb Canada Goose sale banks commodities activities and solicited public comment on the matter; and banks including JPMorgan Chase Co and Morgan thebeatlestimeline.com Stanley have sold portions of their business. buy canada goose jacket
canada goose clearance But even canadian goose jacket as the Fed has gone quiet on the issue, Merkley is growing louder. canada goose clearance
Canada Goose sale In June, two months after the Fed comment period closed, he submitted a seven page canada goose store letter in which he urged the regulator to severely limit banks commodities activities, citing several provisions of the Volcker Rule under which it could act. Canada Goose sale
Canada Goose Parka Now, as he awaits a response from the Fed on the commodities issue, he is pondering his next steps. Canada Goose Parka
canada goose coats feel that the Fed has not come to Canada Goose Coats On Sale grips with this issue, he said in Canada Goose Parka a recent interview with Reuters. canada goose coats
doesn seem to be a conversation in the regulatory world saying there a fundamental conflict between owning oil pipelines and trading on the price of oil?
cheap Canada Goose Kehe himself was less convinced of the link between banks and the cost of the aluminum cans he uses canada goose clearance sale for his organic hops, but he called Canada Goose Jackets the August 2013 press conference, which also included two Oregon Democratic members of the House of Representatives, Suzanne Bonamici and Earl Blumenauer, solid event. cheap Canada Goose
canadian goose jacket BEHIND THE SCENES While Senators Sherrod Brown and Elizabeth Warren often capture headlines canada goose coats with their attacks on canada goose black friday sale Wall Street, Merkley has operated a quieter behind the scenes campaign that people say reflects his deliberative, persistent political style. canadian goose jacket
more like a professor than a senator.
The freshman lawmaker, a Democrat, is already well known in some financial circles as a force behind the Volcker rule, which clamped down on banks speculative bets. Merkley recalls phoning at least 80 other senators personally to convince them of its merits.
canada goose store He could put forward legislation Canada Goose Outlet on commodities in cheap canada goose uk the next session, but, as he notes, is hard to come by in this institution. canada goose store
Canada Goose online ENRON VU With connections to beer cans uk canada goose outlet and power prices, commodity trading is a prime example of the kind of wonky issue Merkley, who https://www.thebeatlestimeline.com is up for re election in November, loves to tackle, even if it may not top voters agendas. Canada Goose online
buy canada goose jacket cheap The first person in his family to attend college, he lives in the same working class East Portland neighborhood where he grew up, and canada goose uk black friday he relishes defending little guy from Wall Street machinations, according to interviews with a dozen people who know him. buy canada goose jacket cheap
Canada Goose Jackets Merkley traces his interest in commodities to the late 1990s, when Enron ran a trading desk in Portland World Trade Center while he was serving in Oregon state legislature. Canada Goose Jackets
canada goose deals From downtown Portland, Enron traders manipulated electricity markets up canada goose uk shop and down California, causing price spikes and major blackouts throughout 2000 and 2001. canada goose deals
was certainly an education about what can go wrong if the same entity is both making bets on the price of something, and able to influence its supply and demand, Merkley said.
He called similar allegations against JPMorgan Chase Co, which canada goose coats on sale were settled with the Federal Energy Regulatory Commission for $410 million, scary echo, or a deja vu, of the Enron scandal.
canada goose black friday sale Art Robinson, chair of the Oregon Republican Party, said Merkley has jumped on the commodities bandwagon for political gain. canada goose black friday sale
Street can run itself just fine. It probably doesn need Jeff Merkley help, he said.
FINISHES Merkley acknowledges that pushing the Fed to regulate banks commodities activities will not happen overnight.
He called the June letter culmination of more than two years canada goose clearance of advocacy on the issue, and said he brings it up with regulators at every chance he gets.
reviewing a number of possibilities, and we continue to work with regulators themselves, he said, declining to offer specifics.
Canada Goose Outlet Those who know cheap Canada Goose him say he is in it for the long haul. Canada Goose Outlet
canada goose coats on sale not flashy; he dogged, said Representative Blumenauer, who worked with him in the 1990s to transform an Oregon neighborhood known as alley, when Merkley ran the state chapter of Habitat for Humanity canada goose coats on sale.