July 10 (Reuters) - At least 42 nonfinancial companies and trade associations are lobbying the U.S. Congress to push back on proposals that regulate the over-the-counter derivatives market, the Wall Street Journal said on Friday.
Caterpillar believes new regulations may drive U.S. companies to seek financing overseas, the paper said.
The paper also quoted Janet Yeomans, treasurer of 3M, as writing in a letter to U.S Senator Mike Crapo: “Not all derivatives have put the financial system at risk and they should not all be treated the same.”
Caterpillar, Boeing and 3M could not be immediately reached for comment by Reuters.
President Barack Obama last month laid out his vision for recrafting U.S. financial regulation, vowing to halt “a cascade of mistakes ... over the course of decades” that eroded bank and market oversight. [ID:nN17330766]
The plan included imposing oversight of over-the-counter derivatives as well as unspecified “harmonizing” of futures and securities regulation, and stronger safeguards for payment and settlement systems. (Reporting by Ajay Kamalakaran in Bangalore; Editing by David Holmes)
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