Geithner testifies before Senate panel on derivatives legislation

12/2/2009 | Reuters · · MarketWatch

The Senate Agriculture Committee today heard testimony from Treasury Secretary Tim Geithner about the need for sweeping new regulations on the over-the-counter derivatives market, including central clearing of contracts and requiring trades to be done on regulated exchanges. "The lack of transparency in the OTC derivative markets, combined with insufficient regulatory power to police these markets, left our financial system more vulnerable to fraud and manipulation," Geithner said.

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Reuters · · MarketWatch

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