Lawmakers caution regulators about swaps rules

Rep. Barney Frank, D-Mass., and Sen. Tim Johnson, D-S.D., wrote to regulators saying new rules for the derivatives market could harm the competitiveness of U.S. companies. The lawmakers urged regulators to coordinate with foreign counterparts before moving ahead. "U.S. regulators should work with other international regulators to seek broad harmonization of appropriately tough and effective standards," according to the lawmakers' letter.

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