Geithner urges more derivatives regulation

From: The Washington Times | July 11, 2009 

Treasury Secretary Timothy F. Geithner told Congress on Friday that “substantially” more regulation is needed to rein in the over-the-counter derivatives market, which he blamed in part for the near-collapse of U.S. credit markets last year. “Establishing a comprehensive framework of oversight is crucial” in monitoring the estimated $500 trillion derivatives market, Mr. Geithner told a joint hearing of the House Financial Services and the Agriculture committees. The secretary proposed providing the Securities and Exchange Commission and the Commodity Futures Trading Commission with “clear, unimpeded authority” to take regulatory and civil action against fraud, market manipulation and other abuses in …

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