Benton Ives

GOP Lawmakers Petition Geithner to Delay Derivatives Rules

House Republicans are pushing Treasury Secretary Timothy Geithner to delay major derivatives rules set to go into effect on Oct. 12. Industry has pleaded with the Commodity Futures Trading Commission to delay several regulations, including provisions that will define which non-banks qualify as swap dealers and rules that will govern derivatives trades made by foreign subsidiaries of U.S. companies (so-called “cross-border” trades).

“You are well aware that widespread confusion and uncertainty exists among market participants regarding the implementation of these new rules, especially with respect to exactly how the Commodity Futures Trading Commission plans to impose and enforce these rules,” the lawmakers wrote to Geithner on Friday. Signatories included House Agriculture Chairman Frank Lucas of Oklahoma and Financial Services Chairman Spencer Bachus of Alabama.

Financial Services: The Stakes Are Enormous
Volcker Rule Will Take Center Stage During Coming Months

This year’s biggest lobbying fight won’t take place in the halls of Congress. Instead, Wall Street heavyweights will spend the next several months battling U.S. financial regulators over implementation of the Volcker Rule.

The stakes are enormous. At the least, for big banks such as JPMorgan Chase & Co. and Goldman Sachs Group Inc., the rule — a prohibition on proprietary trading for a bank’s own profit — could mean billions of dollars annually in lost revenue. But the fight is about more than just bank profits; it’s about the basic mechanisms of borrowing money in the modern financial system.

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