US power bodies call for clarity on Dodd-Frank “swap” definition
The Commodity Futures Trading Commission (CFTC) is in danger of defining the term “swap” too broadly under the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to Glenn English, chief executive officer of the National Rural Electric Cooperative Association (NRECA).
“It could bring under the CFTC’s jurisdiction commercial transactions that co-operatives and others in the energy industry have long used to manage electric grid reliability,” he said in testimony to the US House
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