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June 27, 2013

Senate Democrats Press Gensler on Swaps Rule

A group of Senate Democrats joined foreign officials, large banks and several U.S. regulators in pressuring Commodity Futures Trading Commission Chairman Gary Gensler to delay a July deadline for banks operating abroad to comply with new U.S. derivatives rules.

Six senators sent a letter to Treasury Secretary Jacob Lew Wednesday suggesting the CFTC delay implementation so it can better coordinate with other regulators here and abroad.

“‘More time is needed for domestic harmonization and sequencing with regulations that occur abroad,’ Sen. Charles Schumer (D., N.Y.) and five others wrote in the letter.

Mr. Gensler has been under pressure from top overseas policy makers to at least delay the rule, which goes into effect July 12. Mr. Gensler and Securities and Exchange Commission Chairman Mary Jo White met with European regulators to discuss the rule in Montreal last week. European Union Internal Market Commissioner Michel Barnier has called Mr. Gensler’s approach “flawed” and is expected to meet with Mr. Lew next month to push for an exemption for overseas banks, according to an EU official.”

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Read full Wall Street Journal article here

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