Committee Chairmen Announce Derivatives Legislation Outline

This story appeared in Bank Digest.

Financial Services Committee Chairman Barney Frank, D-Mass., and Agriculture Committee Chairman Collin C. Peterson, D-Minn., have released a concept paper that is intended to guide the two committees as they develop legislation to regulate derivatives. The paper calls for oversight of dealers and markets by either or both the Securities and Exchanges Commission and the Commodities Futures Trading Commission, mandatory use of approved clearinghouses, stronger capital requirements and greater attention to speculation.

Press release at http://www.house.gov/apps/list/press/financialsvcs_dem/pressbfder_073009.shtml