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October 16, 2009

House Panel Votes to Regulate Part of Derivatives Market
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The House Financial Services Committee voted Thursday to introduce some
new rules in regulating the $450 trillion derivatives market. Supporters
of the measure say the vote is a key step for the Obama administration’s
plan to overhaul Washington’s oversight of the financial system. But
many financial experts say the new rules don’t go far enough, in part
because it exempts many derivative deals from transparency requirements.
Former bank regulator William Black discussed the proposal on Democracy
Now! yesterday.

William Black: “The reform efforts on derivatives, for example, are a
scandal. They exempt virtually all of the problem derivatives, and
they’re designed to exempt it. And that’s the bill that’s introduced,
and of course it’s likely to get worse with additional lobbying from the
special interests.”



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