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Wall Street Bank Involvement with Physical Commodities
Senate Committee on Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations
Senate Committee on Homeland Security and Governmental Affairs
Permanent Subcommittee on Investigations
Abstract
The Senate Committee on Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations investigated the recent rise of banks and bank holding companies as major players in the physical markets for commodities and related businesses. It presents case studies of three major U.S. bank holding companies, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. The committee's case studies reveal that the U.S. is failing to separate banks from commerce and losing protection. The investigation finds that more action is needed to safeguard the U.S. financial system and protect U.S. taxpayers from being forced to bailout large financial institutions involved with physical commodities.
Date
2014-11-20
Document Type
Senate Bipartisan Staff Report
Serial Number
Document Length
403 pages
Congress
113
Relation
DOI
Keywords
Staff Reports, Bipartisan
PAP Major Code
15: Banking, Finance, and Domestic Commerce
PAP Minor Code
1502: Securities and Commodities Regulation
Related Hearings
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on "Wall Street Bank Involvement with Physical Commodities," 113th Cong., S.Hrg. 113-501, (2014, November 20-21)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Gas Prices: How Are They Really Set?” S.Hrg. 107-509 (2002, April 30 and May 2)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Excessive Speculation in the Natural Gas Market,” S. Hrg. 110-235 (2007, June 25 and July 9)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Excessive Speculation in the Wheat Market,” S.Hrg. 110-235 (2007, June 25 and July 9)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Excessive Speculation and Compliance with the Dodd-Frank Act,” S.Hrg. 112-313 (2011, November 3)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Compliance with Tax Limits on Mutual Fund Commodity Speculation,” S.Hrg. 112-343 (2012, January 26)
• Senate Committee on Banking, Housing and Urban Affairs, hearing on “Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries,” 113th Cong., S.Hrg. 113-67 (2013, July 23)
• House Committee on Banking and Currency, hearing on “Money Trust Investigation: Financial and Monetary Conditions in the United States,” 62nd Cong., (1912, May 16)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Wall Street and the Financial Crisis,” 111th Cong., S.Hrg. 111-674, (2010, April 13)
• Senate Committee on Banking, Housing, and Urban Affairs, hearing on “Dodd-Frank Act Implementation,” 111th Cong., S.Hrg. 111-879, (2010, September 30)
• Senate Committee on Banking, Housing, and Urban Affairs, hearing on “Implementing Wall Street Reform: Enhancing Bank Supervision and Reducing Systemic Risk,” 112th Cong., S.Hrg. 112-714, (2012, June 6)
• House Committee on Transportation and Infrastructure, hearing on “Enbridge Pipeline Oil Spill In Marshall, Michigan,” 111th Cong., H.Hrg. 111-134, (2010, September 15)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Gas Prices: How Are They Really Set?” S.Hrg. 107-509 (2002, April 30 and May 2)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Excessive Speculation in the Natural Gas Market,” S. Hrg. 110-235 (2007, June 25 and July 9)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Excessive Speculation in the Wheat Market,” S.Hrg. 110-235 (2007, June 25 and July 9)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Excessive Speculation and Compliance with the Dodd-Frank Act,” S.Hrg. 112-313 (2011, November 3)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Compliance with Tax Limits on Mutual Fund Commodity Speculation,” S.Hrg. 112-343 (2012, January 26)
• Senate Committee on Banking, Housing and Urban Affairs, hearing on “Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries,” 113th Cong., S.Hrg. 113-67 (2013, July 23)
• House Committee on Banking and Currency, hearing on “Money Trust Investigation: Financial and Monetary Conditions in the United States,” 62nd Cong., (1912, May 16)
• Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on “Wall Street and the Financial Crisis,” 111th Cong., S.Hrg. 111-674, (2010, April 13)
• Senate Committee on Banking, Housing, and Urban Affairs, hearing on “Dodd-Frank Act Implementation,” 111th Cong., S.Hrg. 111-879, (2010, September 30)
• Senate Committee on Banking, Housing, and Urban Affairs, hearing on “Implementing Wall Street Reform: Enhancing Bank Supervision and Reducing Systemic Risk,” 112th Cong., S.Hrg. 112-714, (2012, June 6)
• House Committee on Transportation and Infrastructure, hearing on “Enbridge Pipeline Oil Spill In Marshall, Michigan,” 111th Cong., H.Hrg. 111-134, (2010, September 15)