What were the consequences of the CFMA?

By Felix Salmon
September 25, 2009
Commodity Futures Modernization Act in 2000.


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Newsweek.com is doing a big month-long series on the end of the decade, and, inevitably, it’s going to feature lots of listicles. One of them is a list of the top ten “history altering decisions” — seemingly-small moves that had massive consequences. Each one is going to be written up, and Newsweek has asked me for a very short essay (just 200 words or so) on the consequences of Bill Clinton signing the Commodity Futures Modernization Act in 2000.

Top of mind at Newsweek are the Enron collapse and the unregulated rise of the CDS market — can those fairly be ascribed to the CFMA? Are there any other key consequences of the CFMA’s passage which I should include? Newsweek has given me full freedom to crowdsource this, so if you ever thought you might have a CFMA blog entry in you somewhere, now’s the time to write the thing, or just leave a comment here. Thanks!

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