US legislators outline derivatives proposals
Two committee chairmen from the US House of Representatives have published a concept paper on regulation of over-the-counter (OTC) derivatives designed to guide any future legislation.
Congressmen Collin Peterson, chairman of the House Agriculture Committee, and Barney Frank, chairman of the House Financial Services Committee, released the paper yesterday. They said it would guide the two committees in the development of legislation to regulate derivatives when Congress returns from the summer recess in September.
The paper said the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) should oversee regulation of OTC derivative dealers
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