Oil production companies the banks lent to are starting to go under, and that means banks are starting to collect on assets that were put up as collateral for loans.
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However, the last few months have proven how volatile a sector oil and gas production can be. We cannot let the consequences of bad bets in the energy space infect our larger economy.
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We asked the Fed and CFTC to take common-sense steps to make sure the banks aren’t over-exposed to risk, and can’t manipulate the market after getting new assets.
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Our letter is partially based off criteria the Fed voted for a few years ago – including then-Governor Powell. These are commonsense solutions that help make sure we’re not putting our economy and markets at risk.https://bit.ly/2xxJDp9
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