US bill proposes greater OTC regulation
Legislation to bring over-the-counter (OTC) derivatives under US federal regulation has been introduced to the US House of Representatives. Peter DeFazio, representative for Oregon (Democrat), introduced a bill named HR 4038 that proposes combining the Securities Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) to create a Securities and Derivatives Oversight Committee.
“It’s clear that the relentless drive to deregulate financial markets has left investors and consumers vulnerable,” said DeFazio.
But industry sources rate the passage of DeFazio's bill a low possibility. DeFazio, they said, is on
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