House to vote on bill exempting foreign banks from swaps rules

06/12/2013 | Bloomberg

The House is scheduled to vote today on a bill to exempt foreign banks from certain Commodity Futures Trading Commission swaps-trading rules, provided their home country has similar regulations, and to force the CFTC and the Securities and Exchange Commission to coordinate their regulatory approach on the issue. The bill is not expected to be taken up by the Senate and is opposed by President Barack Obama. The legislation "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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