The Commodity Trading Futures Commission is slated to decide on policies governing the transaction between foreign companies and U.S. banks, Reuters reported Wednesday.
Douwe Miedema writes Chairman Gary Gensler and Commissioner Mark Wetjen will soon agree on cross-territory policies as the temporary respite to these rules is nearing its end.
Gensler recently wanted foreign firms to follow the CFTC’s fresh regulations in order to isolate the United States from external risks, while Wetjen suggested that the agency depend on foreign regulators, according to the report.
Miedema writes Gensler will need Wetjen’s vote to further his plan.
The new proposals intend to lift a number of strict requirements and provide foreign banks with flexible rules when dealing with U.S. customers, Reuters reported.