Republicans Push CFTC To Slow Creation Of Swap Rules

Law360, New York (March 31, 2011, 5:14 PM EDT) -- Republican lawmakers on Thursday urged the U.S. Commodity Futures Trading Commission to slow implementation of new rules governing the $600 trillion derivatives market, warning it risks drafting sweeping regulation that is more broadly applicable than Congress intended.

The hearing was the latest event during which Republicans have said the CFTC and other agencies must ask Congress for an extension of the July deadline for finishing rules implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"Under the current time frame, the CFTC can’t possibly comprehend...
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