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The Story of CFTC Compromise

How the bank lobby loosened the reins on derivatives at the U.S. agency.

By Silla Brush and Robert Schmidt, Bloomberg | Updated on September 04, 2013

One by one, Gary Gensler’s supporters deserted him. Now the chief U.S. regulator of derivatives was being summoned by Treasury Secretary Jacob J. Lew to explain why he refused to compromise.

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.

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