Levin Statement on Proposed Foreign Exchange Swaps and Forwards Exemption

Source: Washington Post

U.S. Sen. Carl Levin, D-Mich., chairman of the Permanent Subcommittee on Investigations, issued the following statement today regarding the U.S. Treasury Department’s proposal on regulation of foreign exchange swaps and forwards. In November, Levin urged Treasury Secretary Timothy Geithner not to exempt foreign exchange swaps and forwards from regulation.

“The secretary attempted to strike a balance in his proposal to exempt foreign exchange swaps and forwards from some of the recent reforms in the Dodd-Frank Act. I have concerns that his proposed exemption relies on current industry practices that are inadequate and could be changed by the industry unless the exemption is conditioned upon their remaining in place. I look forward to working with the Treasury Department and regulators to ensure that the final determination will not weaken the essential financial reforms passed last year.”

Source

Advertisements
This entry was posted in Articles and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s