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Gensler Warns on Rule Exemptions

Giving foreign branches leeway on Dodd-Frank rules would send finance jobs overseas, he says.

By Silla Brush and Jesse Hamilton, Bloomberg | Updated on June 14, 2012

New York financial firms would move jobs overseas if the U.S. grants the industry’s request to exempt companies’ foreign branches from some Dodd-Frank Act rules, said Gary Gensler, chairman of the Commodity Futures Trading Commission.

“If we accept their approach — that they say, ‘No, don’t cover their London branches’ — the jobs will go overseas, but the risk will be back here,” Gensler said today in an interview on Bloomberg Television.

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