The U.S. Commodity Futures Trading Commission will consider a proposal today exempting swaps from Dodd-Frank Act rules set to take effect in mid-July, giving the agency more time to finish writing regulations for the $601 trillion market, said Gary Gensler, CFTC chairman.

The agency will consider a proposal providing "temporary relief" from some regulatory requirements scheduled to be in force on July 16, one year from the enactment of Dodd-Frank, Gensler said in a letter to three Republican senators.

"The proposed relief would make it clear that, though the law will have changed, as a practical matter, the market will have relief during the period of the exemption," Gensler said in the letter dated June 10 to Senators Pat Roberts, a Kansas Republican, Richard Lugar, an Indiana Republican, and Saxby Chambliss, a Georgia Republican.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.