Gensler Lists Swaps, OTC Derivatives As Priorities

Law360, New York (February 26, 2009, 12:00 AM EST) -- President Obama's nominee to chair the U.S. Commodity Futures Trading Commission, Gary Gensler, told a Senate committee that his priorities would include reining in speculation on energy and agricultural products and regulating over-the-counter derivatives and credit default swaps.

At a Wednesday hearing before the U.S. Senate Committee on Agriculture, Nutrition and Forestry on Gensler's nomination to head the FTC, Gensler said the current economic crisis showed that the financial and regulatory systems had failed the American public.

Gensler said a broad regulatory regime for over-the-counter derivatives...
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