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Peterson said: I am pleased that Chairman Frank and I were able to come to agreement on so many principles with regard to OTC derivatives reform. I think we have come up with a responsible approach that bridges the differences between those members who want to completely eliminate the over-the-counter market and those who think that just greater transparency is all that is needed. Neither of those approaches is a real solution; what we are putting forth is. Peterson said the committees plan to take up the issue when they return from summer break in September. Added Frank: The fundamental purpose here is to improve the regulation of derivatives so that they continue to perform their important market function but are less likely to contribute to a kind of irresponsibility that can cause a crisis. Nobody here wants to ban them or even severely diminish them as an economic instrument. The Financial Services and Agriculture committees have sparred over how to regulate derivatives, as have the agencies they respectively oversee-- the Securities and Exchange Commission and the Commodity Futures Trading Commission." Frank also said the two sides "have an interest that has to be blended. - Bill McConnell See statement from the Congressmen (pdf)
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The chairmen of the House Financial Services and Agriculture committees Thursday offered up their thoughts on how derivatives should be regulated. In what they called a "concept paper," Reps. Barney Frank, D-Mass., and Collin Peterson, D-Minn., said the paper will guide the two committees as they draft legislation.
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