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July 3, 2013

Deadline on Trading Rules Abroad Splits an Agency

Wall Street lobbyists, seeking to delay a July 12 deadline for rules that would rein in lucrative trading by banks overseas, pressed their case before a top Washington regulator last week.

The regulator, Gary Gensler, the chairman of the Commodity Futures Trading Commission, had an unusual response. He summoned into his office a pregnant employee whose due date happened to be July 12.

“’Tell everyone about that day,’ Mr. Gensler instructed the employee, according to people who attended the meeting.

“Pointing to her abdomen, she grinned and replied, ‘No delay.’

While the message to bankers was clear, some of Mr. Gensler’s colleagues are still fighting his plan to extend the agency’s reach beyond American borders, an issue that took shape in the 2008 financial crisis.”

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Read full New York Times article here

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