U.S. Needs More Time on Overseas Swaps, Democratic Senators Say

By Silla Brush and Cheyenne Hopkins

U.S. regulators will inject risk into the derivatives market if they don’t take more time to coordinate Dodd-Frank Act rules with their overseas counterparts, six Democratic senators said.

The Commodity Futures Trading Commission, facing a July 12 deadline to determine the overseas reach of its rules, should take additional time to coordinate oversight with other regulators, the senators said in a letter yesterday to Treasury Secretary Jacob J. Lew.

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