GOP Lawmakers Criticize CFTC Cross-Border Swaps Rules

Law360, Washington (December 12, 2012, 3:08 PM EST) -- House Republicans slammed the U.S. Commodity Futures Trading Commission's cross-border guidelines for the swaps market Wednesday, claiming the regulator has overstepped its jurisdiction and caused foreign companies to shy away from U.S. transactions.

While the commission proposed in July to extend its swaps oversight to foreign firms as part of its reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, several members of the House Capital Markets and Government Sponsored Enterprises Subcommittee claimed the broader rules from the CFTC and U.S. Securities and...
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