Rep. Frank says CFTC's Gensler changed stance on swaps clearing

11/9/2009 | Wall Street Journal, The

Barney Frank, chairman of the House Financial Services Committee, said Gary Gensler, chairman of the Commodity Futures Trading Commission, will support giving federal regulators the authority to decide which swaps should be cleared. Previously, Gensler told lawmakers he thought the role should go to clearinghouses. "While Chairman Gensler originally had indicated that making the clearing determination would be burdensome for the CFTC and thus should be left to the clearinghouses, I am now pleased that he agrees that the regulators should take on this function, which is preferable to the potential conflict," Frank said.

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