Let the carve outs begin
April 29, 2010 | alternatives, federal legislation, industry | Comments (0)From The Hill:
A major source of revenue for big banks may ultimately be exempt from new regulations under financial reform legislation in Congress.
Lawmakers are looking to crack down on the multitrillion-dollar derivatives market that some blame for worsening the financial crisis.
But they appear on the verge of handing power to the Treasury Department to decide whether to exempt foreign exchange derivatives from tougher governmental oversight.
Sausage making is hard to watch.
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