US 'shooting itself in foot' with derivatives margin rules - Issa
Congressman Darrell Issa attacks margin rules that threaten to isolate US banks. Foreign regulators say they have no plans to copy the proposals
US regulators are coming under increasing pressure from politicians not to apply rules on uncleared margin to US banks' foreign operations – an extraterritorial provision that critics argue will make it impossible for the banks to compete overseas. If foreign regulators introduce similar rules it would take the heat off their US counterparts by levelling the playing field, but five foreign supervisors have told Risk they have no plans to do so.
"I disagree with the margin rules, which are self
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