Wednesday, June 23, 2010

Wall Street Reform Bill – exemptions opposed

Washington, DC – Following a meeting of the CFTC-SEC Joint Advisory Committee on Emerging Regulatory Issues, Commodity Futures Trading Commission Chairman Gary Gensler today commented on the status of the Wall Street Transparency and Accountability Act of 2010.

Commenting on the Wall Street reform bill that is currently in conference committee, Chairman Gensler said:

“The bill includes historic provisions to bring comprehensive regulation to over-the-counter derivatives. This includes fully regulating derivatives dealers and requiring standardized derivatives to be traded on transparent trading facilities and be cleared by central counterparties.

“To best protect the American public, I am hopeful that the final bill does not include exemptions from clearing and trading for financial entities that use derivatives. While it is clear that the bill will include exemptions for commercial end-users of derivatives, that exemption should be narrow and well-defined. Exemptions for financial entities leave interconnectedness in the system and create links in the chain between a dealer’s failure and a taxpayer bailout.”

Posted By Valerie Garner

Categories: Business, Finance

Tags: , ,

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