Some Democrats said that the measure creates incentives for U.S. banks to move their swaps activities overseas in order to escape stringent new U.S. rules. Last month, Treasury Secretary Jack Lew warned House Democrats against voting for swaps measures intended to weaken Dodd-Frank. Last week, Gary Gensler, CFTC chairman, warned that the U.S. government’s efforts to reform the swaps market “could be undone” if U.S. banks’ foreign affiliates and branches whose activities are guaranteed by their U.S. parent companies “are allowed to operate outside of these important requirements.”
Posted on: Sat, 15 Jun 2013 23:00:47 +0000
Trending Topics
Recently Viewed Topics
© 2015