Today, he is emerging as one of the nation’s archreformers, pushing to impose some of the most stringent new financial regulations in history. And as the head of the Commodity Futures Trading Commission, the leading contender to oversee the complex derivatives contracts that played a central role in the financial crisis and, in turn, the Great Recession, he is in a position to influence the outcome.
It may seem an unlikely conversion, but it is one that has won the approval of Brooksley E. Born, of all people, a former outspoken head of the commission. She sounded alarms more than a decade ago about the dangers hiding in the poorly understood derivatives market and was silenced by the same Washington power brokers that counted Mr. Gensler as a member.
Mr. Gensler opposed Ms. Born, according to people who worked at the commission in the 1990s, and in 2000 played a significant role in shepherding through Congress deregulation measures that led to explosive growth of the over-the-counter derivatives market.
That was then. These days, Ms. Born is convinced of Mr. Gensler’s reformist zeal, as he takes on Wall Street in what is becoming one of the fiercest battles over regulation in the postcrisis era.
“I think he is doing very well,” she said in an interview. “He certainly seems to be committed to robust oversight of derivatives and limiting excessive speculation and leverage.”
The proposals championed by Mr. Gensler, if adopted by Congress, would substantially alter what is now a largely unregulated market in over-the-counter derivatives, financial instruments used by companies and investors to protect themselves and bet on moves in variables, like interest rates or currencies, and to speculate.
The proposals include forcing the big banks that sell derivatives to conduct their trades in the open on public exchanges and clear them through central clearinghouses, so that any investor can see the prices that dealers charge their customers. Today, those transactions are bilateral and private.
Muslim Academy on 31 Aug 12Islamic organizations in Russia The first official Islamic organization in Russia appeared in 1788, when by decree of Catherine II was created by the Orenburg Mohammedan Spiritual Assembly, engaged in the construction of mosques and marital affairs. However, after the revolution of a mosque in 1917, as the Orthodox Church, were closed, and the clergy was subjected to repression. Many Muslim organizations formed in Central Asia and the North Caucasus during the Great Patriotic War were split during the "perestroika" (1980-1990). In 1994 was created by the Supreme Coordinating Center of Spiritual Administration of Muslims of Russia (DUMR private commercial enterprise), which lasted four years and in 1998 joined the newly formed Council of Muftis of Russia. On the territory of European Russia and Siberia after the collapse of the Soviet Union announced the creation of new autonomous organizations. In 1996 the First Congress of the leaders of the Muslim Board of Russia, where it was decided to set up the Council of Muftis of Russia. A year later the organization was established Spiritual Board of Muslims of the Asian part of Russia. In 1998, the Conference North spiritual offices in Nazran, it was decided to establish the Higher Coordination Centre of North Caucasus Muslims, some of whose members initially included, also a member of the Council of Muftis of Russia. However, because of the differences, was forced to leave. In 2009-2010, decided to join forces to achieve unity of Russian Muslims and strengthen the traditional Islamic religious principles of the Muslim nation. However, by the great success it has not resulted. To date, the Russian equivalent approved two Muslim organizations that claim to the national character: TsDUM (Central Muslim Spiritual Board of Russia) and CMP (Council of Muftis of Russia). Each of them combines a number of relatively independent of the Spiritual Board of Muslims, based on the principle of administrative division. Beyo
