Senate Dems Seek Harmony Between SEC, CFTC Swaps Rules

Law360, New York (June 27, 2013, 6:19 PM EDT) -- Senate Democrats on Wednesday told Secretary of the Treasury Jacob Lew that the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission should streamline their cross-border swaps rules, saying “conflicting approaches” may create new risk in global financial markets.

Sens. Charles Schumer, D-N.Y., Kay Hagan, D-N.C., Tom Carper, D-Del., Heidi Heitkamp, D-N.D., Michael Bennet, D-Col., and Kirsten Gillibrand, D-N.Y., told Lew in a letter that the SEC and CFTC's competing cross-border rules for market participants in swap transactions create overly complex and perhaps...
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