House’s Frank Urges Quick Decision on Exemption for Forex Swaps
U.S. regulators need to quickly decide whether to exempt foreign-exchange swaps and forwards from Dodd-Frank Act rules to avoid uncertainty over which companies must register as dealers, Representative Barney Frank said in a letter to regulators.
“If Treasury ultimately plans to provide an exemption, it would be a complete waste of time, effort and resources to force companies which will ultimately be exempt to go through the registration process, restructure their activities, or even withdraw from the FX market solely because of inconsistencies between your two agencies’ timetables,” Frank, a Massachusetts, Democrat, wrote in a Sept. 21 letter to Treasury Secretary Timothy F. Geithner and Commodity Futures Trading Commission Chairman Gary Gensler.
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