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.

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