Pols Oppose Suit Over CFTC's Cross-Border Swaps Rule

Law360, Los Angeles (June 17, 2014, 9:40 PM EDT) -- Members of Congress who helped craft the Dodd-Frank Act attacked a suit Wall Street trade groups brought against the U.S. Commodity Futures Trading Commission over regulations governing the exchange of derivatives and swaps overseas, arguing the agency was not required to undergo formal rule-making.

The trade groups sued the CFTC in December, accusing the agency of overstepping its bounds with the release of the so-called Cross-Border Rule, alleging that the rule was only issued as a “guidance” and allowed the CFTC to dodge important steps in...
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