In the 1990s, Mary Schapiro, then chairwoman of the Commodity Futures Trading Commission, dubbed the regulator a "sleepy little agency." Congress recently gave the CFTC authority to oversee the over-the-counter derivatives market, making it a much more powerful, influential agency. The change has prompted bankers, hedge fund managers and other industry insiders to take a closer look at the CFTC, according to Bloomberg.

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