Sens. Call For US Regulation Of Swap Transactions

Law360, New York (May 5, 2009, 12:00 AM EDT) -- Pointing to the grievous role unregulated swap markets have had in the financial meltdown, Sens. Carl Levin, D-Mich., and Susan Collins, R-Maine, have introduced legislation that would give federal regulators immediate oversight of trillions of dollars in swap transactions in the U.S.

The two legislators on Monday introduced the Authorizing the Regulation of Swaps Act of 2009, which would bring federal oversight to swap markets and repeal statutory barriers that have allowed that sector of the financial market to operate absent of any regulation.

While Congress...
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