Will Congress' Dodd-Frank Mistake Harm Banks?

Jan. 10 (Bloomberg Law) -- Scott Cammarn, partner at Cadwalader, Wickersham and Taft, talks with Bloomberg Law's Lee Pacchia about a little known provision of Dodd-Frank that could end up costing foreign banks doing business in the United States a lot of money. While openly acknowledged by lawmakers as a mistake, the so-called Lincoln Amendment is perceived to treat US branches of foreign banks differently from domestic banks dealing in swaps. Despite admitting oversight, Congress has not changed the rules which are scheduled to come See more +

Jan. 10 (Bloomberg Law) -- Scott Cammarn, partner at Cadwalader, Wickersham and Taft, talks with Bloomberg Law's Lee Pacchia about a little known provision of Dodd-Frank that could end up costing foreign banks doing business in the United States a lot of money. While openly acknowledged by lawmakers as a mistake, the so-called Lincoln Amendment is perceived to treat US branches of foreign banks differently from domestic banks dealing in swaps. Despite admitting oversight, Congress has not changed the rules which are scheduled to come into effect in Summer 2013. See less -