Dems Back CFTC's Firmer Hand On Int'l Swaps Rules

Law360, Chicago (May 22, 2013, 9:25 PM EDT) -- Six Democratic senators on Wednesday prodded the U.S. Commodity Futures Trading Commission to stay the course on its new guidelines for the international derivatives market, calling similar rules proposed by securities regulators "inadequate."

The lawmakers — including Sens. Elizabeth Warren, D-Mass., and Carl Levin, D-Mich. — largely applauded the CFTC’s approach to extending oversight of the $700 trillion swaps market under the Dodd-Frank Act to foreign subsidiaries of U.S. financial institutions.

But they warned in the letter to CFTC Chairman Gary Gensler that the U.S. Securities...
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