Gary Gensler, chairman of the Commodity Futures Trading Commission, told senators that the CFTC should complete its guidance on cross-border derivatives rules by July 12. Gensler said that a proposal from CFTC member Mark Wetjen would mean delaying the rules. "It means delay and I think we've had a year to do this," Gensler said about Wetjen's suggestion. "The American public should hold us to task if we can't get this done by July 12."

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