Deals
Goldman Sachs Among Banks Fighting to Exempt Half of Swaps Books
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More than half of the derivatives-trading business of Goldman Sachs Group Inc., Morgan Stanley and three other large banks could fall largely outside the Dodd-Frank Act if they succeed in lobbying regulators to exempt their overseas operations, government records show.
The debate over the reach of Dodd-Frank has been among the most contentious aspects of the regulatory overhaul enacted by President Barack Obama after the 2008 credit crisis. The banks have met with regulators, testified to Congress and filed dozens of letters contending that they will suffer a competitive disadvantage if the regulations apply to their foreign arms.