Bill would limit Dodd-Frank’s global reach

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The quartet touted the bill as ensuring a level playing field for U.S. financial institutions working in a global market.

"Congress and regulators must ensure that we’re protecting American consumers, ending future bailouts and maintaining American competitiveness in an increasingly global economy," Carney said. "This legislation will give U.S. companies the certainty they need to compete overseas, while maintaining important provisions from Dodd-Frank that will increase transparency in the U.S. derivatives market.”

Financial regulators are working to implement the sweeping Wall Street overhaul. Among the provisions being implemented are new regulations pertaining to derivatives, and regulators are working to determine how those rules would be enforced when it comes to trading activity that occurs on foreign soil, but involve institutions based in the U.S.

A similar bill was introduced in the last Congress, and the new measure has been referred to the House Financial Services Committee.