International regulatory amity, bipartisan concerns and common sense be damned: The (probably) outgoing CFTC chair is going to see to it that these swaps-trading rules go into effect next month, damn the consequences.
Commodity Futures Trading Commission Chairman Gary Gensler is holding fast to a plan to apply U.S. swaps rules to foreign-based banks in mid-July after a daylong meeting of international regulators failed to resolve differences, according to people familiar with the discussions.
Separately, Mr. Gensler is facing renewed criticism from a top European Union official. EU Internal Market Commissioner Michel Barnier called Mr. Gensler’s approach “flawed” and “self-defeating,” in a Bloomberg op-ed Thursday….
Mr. Gensler and Securities and Exchange Commission Chairman Mary Jo White met with senior European Union officials in Montreal Thursday, as part of a working group that meets regularly to discuss progress on new derivatives rules.
Mr. Gensler has faced criticism from several foreign officials and Wall Street for pursuing a plan to apply U.S. rules to foreign banks and overseas offices of U.S. banks starting July 12. Mr. Gensler has also faced opposition from his fellow commissioners, which has left the CFTC at loggerheads over whether to push off the deadline and how to finalize guidelines proposed last year.