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  • August 20, 2010

    CFTC Chairman Gensler Says U.S. Regulators Won't Succumb to Bank Lobbying

    By Jesse Westbrook

    Commodity Futures Trading Commission Chairman Gary Gensler said U.S. regulators won’t succumb to Wall Street efforts to weaken financial-market oversight as they implement the biggest rules overhaul since the Great Depression.

    “Wall Street would like to keep these markets dark, and Congress has said there has to be transparency,” Gensler said yesterday in an interview for Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend. “Congress has been very specific, and we are going to follow it.”

    CFTC and Securities and Exchange Commission staff members will meet in Washington today to discuss derivatives regulation, and have invited representatives from Morgan Stanley, JPMorgan Chase & Co. and industry trade groups to attend. Under the Dodd- Frank Act, regulators must ensure that most swaps are processed by clearinghouses and traded on exchanges...

    Read Full Article on Bloomberg.

    Last Updated: August 30, 2010