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US House committee votes to regulate derivatives

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This post over at TPM has the details.

http://www.talkingpointsmemo.com/news/2009/10/house_banking_panel_votes_to_regulate_derivatives.php?ref=fpa

The Obama administration favors this bill.

The bill “is absolutely essential to preserving a strong marketplace, preserving transparency (and) getting incentives right in the system,” said Michael Barr, Treasury’s assistant secretary for financial institutions.

Representative Frank, chair of the Financial Services Committee said,

“There will be no more hidden trades where we don’t know the price,” said Rep. Barney Frank

Next up is a bill for a consumer protection agency for financial services.

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  1. Bloomberg:

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    Legislation proposed by U.S. Representative Barney Frank would weaken an Obama administration guideline requiring the most common private derivatives to be traded on exchanges or regulated systems.

    The Massachusetts Democrat, who heads the House Financial Services Committee, released a draft bill Oct. 2 that allows for no change in how standardized over-the-counter derivatives are currently traded as long as they are reported to regulators. The Obama plan, released in August, specifies “mandatory trading” on exchanges or swap-execution platforms that would have to be registered with the Commodity Futures Trading Commission or the Securities and Exchange Commission.

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