CFTC's Gensler expects derivatives overhaul to take time

09/15/2009 | Hill, The

Gary Gensler, chairman of the Commodity Futures Trading Commission, continues to push for increased oversight of the massive over-the-counter derivatives market, but he said it will likely take Congress some time to approve rules. The House Agriculture Committee has a hearing scheduled Thursday on the closely watched issue, and the House Financial Services Committee is working on comprehensive legislation that includes regulating the OTC derivatives market. Gensler acknowledged that with so many parties involved and because of the complex nature of the issue, changes will not happen too quickly.

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