US lawmaker to seek 'strong' congressional action on EU clearinghouse law

30 June 2019 10:50am
A senior US lawmaker wants Congress to convey bipartisan disapproval of the EU’s new clearinghouse law but is running into resistance from a leading Republican lawmaker and divisions among market participants.

Democratic Representative David Scott, chairman of a House Agriculture subcommittee, expressed outrage about the law extending EU’s post-Brexit oversight to clearinghouses outside the bloc.

“This is an insult to the American people,” he said at a hearing Wednesday of his Commodity Exchanges, Energy, and Credit panel. “There will be a very strong and adequate response to this. We’re not going to put and make our financial services industry be turned into second-class citizens on the world financial stage. You can bet on that.”