FDIC concerned with swaps rules in Democrats’ bill

WASHINGTON, May 1 (BestGrowthStock) – A top U.S. banking regulator
is concerned with a provision in a bill by Senate Democrats
that would require banks to spin off their swaps desks,
according to a letter obtained by Reuters on Saturday.

Federal Deposit Insurance Corp Chairman Sheila Bair said
this could move some of the riskiest parts of banks’ business
out of the purview of federal oversight.

Bair expressed her concerns in a letter to the two senators
in charge of writing rules for the $450 trillion swaps market,
Senate Banking Chairman Christopher Dodd and Senate Agriculture
Chairman Blanche Lincoln.

Stock Research

(Reporting by Rachelle Younglai)

FDIC concerned with swaps rules in Democrats’ bill