Imagine if a Bush Administration official had insisted that U.S. law must reign supreme in every country where a U.S. bank does business. That’s essentially the position of Chairman Gary Gensler of the Commodity Futures Trading Commission (CFTC). And despite a world-wide backlash, the U.S. press corps is giving him an ovation. Meanwhile, new Securities and Exchange Commission Chairman Mary Jo White is receiving a Bronx cheer for suggesting that foreign financial regulators ought to have some say over what happens inside their borders. More in the Wall Street Journal here.
