GAO Agrees to Examine Leveraged Lending Guidelines; ECB Finalizing Their Guidelines

The prospect of transatlantic harmonization for leveraged loan guidelines between regulators seems to be slipping out of reach, according a recent Financial Times article.

The European Central Bank (ECB) has recently finalized the framework of their new regulation on leveraged lending, to mirror existing U.S. guidelines, which will take effect in November. However, Washington is looking to reverse gears, Financial Times explains.

Last month, the Government Accountability Office (GAO) agreed, per the request of U.S. Senator Pat Toomey (R-PA), to examine whether leveraged lending guidelines should be subject to Congressional review. A timeline for a decision has not yet been set, however, a market participant cited in the article says that should the GAO decide that the guidelines require Congressional review, they would likely be voted down by the Republican-controlled Congress.

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