Banks and lawmakers, as well as financial regulators from around the world, had besieged Lew with complaints about Gensler’s campaign to impose U.S. rules overseas. The July 3 meeting in Lew’s conference room with a view of the White House grew tense, according to three people briefed on it. Gensler argued his plan was vital if the U.S. hoped to seize meaningful authority over financial instruments that helped push the global economy to the brink in 2008, taking down American International Group Inc. (AIG) and Lehman Brothers Holdings Inc. and igniting the worst recession since the 1930s. Lew insisted that Gensler coordinate better with the Securities and Exchange Commission, whose new chairman, Mary Jo White, was also present. Gensler, who was deep into negotiations with his European counterparts, was surprised by Lew’s demand. He’d been hearing the same request from lobbyists seeking to slow the process, and he told the Treasury chief it felt like his adversary bankers were in the room, the people said. Gensler subsequently apologized to Lew for the outburst. He also softened his demands, cutting a deal with the European Union a week later. Gensler, chairman of a historically obscure agency called the Commodity Futures Trading…
- Nation intensifies efforts to stimulate recovery
- MAGU VS MALAMI: Real reasons behind five years cold war
- Treasury reveals 700,000 of the companies and non-profits who got PPP bailout - with Kanye West's Yeezy company, Khloe Kardashian's denim brand and Donald Trump lawyer's firm among those benefiting
- MAGU VS MALAMI:Real reasons behind five years cold war
- Safety chief warns workers won’t ‘blindly obey’ Boris Johnson’s calls for a return to the office as City’s biggest firms only plan to bring maximum of 50% of staff back so they don’t break social distancing rules
- The Flare Path: Derail Valley Diary
- Analysts voice confidence in Chinese economy
- The 11 top earning British Royals and their net worths
- Betsy DeVos’ Holy War
- A stimulus train wreck is heading for Capitol Hill
How the bank lobby loosened US reins on derivatives have 324 words, post on at October 4, 2013. This is cached page on Bach Thien. If you want remove this page, please contact us.