Obama OTC Derivative Plan Needs Changes: Schapiro

Law360, New York (September 22, 2009, 1:55 PM EDT) -- U.S. Securities and Exchange Commission Chairwoman Mary Schapiro told Congress on Tuesday that the Obama administration's market regulation proposals need some changes, particularly in how over-the-counter derivatives are regulated and how disputes between the SEC and the U.S. Commodity Futures Trading Commission should be settled.

Schapiro — who appeared before the U.S. House of Representatives' Agriculture Committee with CFTC Chairman Gary Gensler — said she supported the broad strokes of the Obama administration's draft legislation, which was submitted in August, but that some regulatory gaps still...
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