Lucas: Surprise CFTC Action on Cross-Border Swaps is Irresponsible

Statement

Rep. Frank Lucas, Chairman of the House Agriculture Committee, today issued a statement in response to the Commodity Futures Trading Commission's (CFTC) surprise "advisory notice" to further regulate cross-border swaps.

"Putting aside legal questions surrounding the CFTC's latest move to regulate cross-border swaps, my immediate concern is that this action has created confusion and is disrupting the U.S. swaps markets. Regulations market participants thought were in place changed overnight without warning or consultation. The CFTC needs to immediately issue a public statement explaining to market participants when it will enforce its "advisory notice.' Regulating without regard for how markets function is irresponsible, harms our credibility with the international business community, and will ultimately force American jobs and markets overseas," said Chairman Frank Lucas.

Source