Banks Would Get Boost for Overseas Swaps in House CFTC Bill
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The world’s biggest banks would win curbs on U.S. regulators’ power to restrict overseas derivatives trades under legislation proposed by U.S. lawmakers.
The House Agriculture Committee will meet Thursday to consider a bill that includes a provision forcing the Commodity Futures Trading Commission to redo its policy on cross-border trades in the $700 trillion global swaps market. The measure would curtail the agency’s ability to impose Dodd-Frank Act trading rules on deals conducted by employees in the U.S. but held in overseas divisions.