The U.S. Commodity Futures Trading Commission (CFTC) is considering a six-month phase-in period to implement new rules for overseas swaps trades, according to two people with knowledge of the deliberations.
Regulators face a Friday deadline to resolve a deadlock over how far to expand the regulator’s oversight over trades conducted outside the U.S. by banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc.
Fourteen Republican and Democratic members of the House Agriculture Committee, which oversees the CFTC, today called on Lew to intervene in the rulemaking process. The members called on Lew to direct the 10-member Financial Stability Oversight Council (FSOC) to resolve uncertainty in the market generated by the debate. “Cooler heads must prevail,” the Representatives—including K. Michael Conaway, a Texas Republican, and David Scott, a Georgia Democrat—said in the letter.