How the Bank Lobby Loosened U.S. Reins on Derivatives

How the Bank Lobby Loosened U.S. Reins on Derivatives
Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), listens during a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday, July 30, 2013. U.S. banks' ownership and trading of physical commodities faced further scrutiny today when the heads of the CFTC and Securities and Exchange Commission testified before lawmakers. Photographer: Andrew Harrer/Bloomberg via Getty Images
Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), listens during a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday, July 30, 2013. U.S. banks' ownership and trading of physical commodities faced further scrutiny today when the heads of the CFTC and Securities and Exchange Commission testified before lawmakers. Photographer: Andrew Harrer/Bloomberg via Getty Images

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.

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