House to vote on bill exempting foreign banks from CFTC swap trading rules

06/12/2013 | Bloomberg

The House of Representatives is scheduled to vote today on a bill designed to exempt foreign banks from certain Commodity Futures Trading Commission swap trading rules, provided that their home countries have similar regulations, and to force the CFTC and Securities and Exchange Commission to coordinate their regulatory approaches on the issue. The bill is not expected to be taken up by the Senate, and is opposed by President Barack Obama. The bill "is intended to send a message that Congress would like them to delay in order to achieve greater harmonization in the approach to cross-border regulation with the SEC," former SEC member Annette Nazareth said.

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