Geithner Trots OTC Reform Plan Before House

Law360, New York (July 6, 2009, 12:00 AM EDT) -- U.S. Secretary of the Treasury Tim Geithner presented his plan for reforming regulation of over-the-counter derivatives to two U.S. House of Representatives committees Friday, echoing the Obama administration's previous calls for a central clearinghouse in the market and stricter rules on capital requirements and transparency.

In testimony prepared for a joint hearing before the House Agriculture and the Financial Services committees, Geithner outlined seven key proposals, most of which the administration had put forth before.

First, all standardized derivative contracts must be cleared through “well-regulated” central...
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