NYC Loses Jobs With Overseas Rule Exemptions, Gensler Says
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New York financial firms would move jobs overseas if the U.S. grants the industry’s request to exempt companies’ foreign branches from some Dodd-Frank Act rules, said Gary Gensler, chairman of the Commodity Futures Trading Commission.
“If we accept their approach -- that they say, ‘No, don’t cover their London branches’ -- the jobs will go overseas, but the risk will be back here,” Gensler said today in an interview on Bloomberg Television.