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He agreed, for example, to defer to foreign regulators in Europe and elsewhere that have adopted "comparable and comprehensive" regulations to Dodd-Frank.
Foreign regulators are beyond the reach of Congress, which oversees American securities regulation through confirmation proceedings, enforcement hearings and approval of the Securities and Exchange Commission's budget.
Furthermore, as PayPal grows internationally, foreign regulators will show more interest.
The Fed, and some foreign regulators, took on enormous credit risk.
Foreign regulators have scolded banks, fined them and even banned their activities in various countries.
The lobbyists argued that American authorities should stand down until foreign regulators acted.
It also contains a list of companies that worry foreign regulators, too.
Under such a plan, banks based overseas can seek an exemption if they face similar rules from foreign regulators.
Add in the Landesbanks' perks, and it is not hard to see why foreign regulators and bankers are so miffed.
An extended deadline, they argue, will allow foreign regulators time to draft derivatives rules of their own.
The offices overseas will try to build relationships with foreign regulators and develop information on foreign manufacturers.
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