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Banks' Commodity Business Drawing Regulator Scrutiny

Federal Reserve is reviewing a decision to let banks trade commodities seen as complementary to their banking business.

By Cheyenne Hopkins and Silla Brush | Updated on July 31, 2013

U.S. financial regulators will boost scrutiny of banks’ commodities holdings and use their authority to pursue evidence of fraud and manipulation, the heads of two agencies told lawmakers.

“We’re a market regulator overseeing the commodity futures, swaps markets and have clear authority to police markets for fraud, manipulation, and other abuses,” Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler said at a Senate Banking Committee hearing, where he testified yesterday alongside Securities and Exchange Commission Chairman Mary Jo White. “We will use those authorities appropriately where we see abuses and pursue it.”

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