U.S. Chamber blasts Treasury-Federal Reserve draft cyber rules as undermining security

The U.S. Chamber of Commerce is attacking the Treasury and Federal Reserve's draft rules for securing the data and networks of financial institutions, arguing they would undermine cybersecurity by duplicating current standards, creating confusion and imposing a compliance approach that would deflect resources.

The arguments set the stage for what could be one of the first cybersecurity regulatory battles of the incoming Trump administration.

The new Treasury secretary will have to decide whether to continue the rulemaking process, but the...