Lew and execs discuss cross-border derivatives rules

05/21/2013 | Reuters · Bloomberg

U.S. Treasury Secretary Jack Lew says other nations are risking upsetting delicate negotiations with U.S. regulators about derivatives rules by being unnecessarily critical. Lew characterizes one communication from EU Internal Market Commissioner Michel Barnier as "ill-informed." "I did say to them quite directly that it was not a helpful way to promote conversations," Lew said. Meanwhile, exchange executives and leaders in the derivatives industry have testified before the House Agriculture Committee, saying proposed cross-border rules must be coordinated with foreign agencies.

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