Gary Gensler

Banks Oppose CFTC Proposal for Strict Controls of Overseas Derivatives

The bankers and ministers are attempting to block a CFTC proposal, aimed to be instituted in mid-July, that would require overseas offices of American-based banks, foreign institutions and hedge funds to turn over data on foreign trades if they involve U.S. customers, or are guaranteed by a financial institution with American ties, according to the New York Times. Their complaint with this proposal is that it is both “redundant and excessive.”