CFTC chief urges Congress to impose broad oversight on financial derivatives

September 25th, 2009 Banks made $5.2B trading derivatives in 2QWASHINGTON — U.S. commercial banks earned $5.2 billion trading derivatives in the second quarter, as the level of risk eased in the global market for the complex financial instruments, according to a government report released Friday.

September 22nd, 2009 Key regulators urge broad oversight of derivativesWASHINGTON — Two key regulators on Tuesday urged Congress to go beyond an Obama administration proposal and impose comprehensive oversight on the sprawling, complex market for financial derivatives blamed for worsening the credit crisis last fall. The administration is seeking to increase the transparency of the $600 trillion global derivatives market and has proposed that big investment banks that trade derivatives be subject to requirements for holding capital reserves against risk.

September 14th, 2009 Obama urges financial industry to rebuild trustNEW YORK — President Barack Obama is telling Wall Street to take steps on its own to rebuild trust with the public, and not wait for Congress to legislate the tighter oversight of the industry he is pushing. Obama says many of the firms now seeing improvement in their finances owe a debt to the American people, who financed a $700 billion bailout last year.

September 8th, 2009 15 big banks commit to derivatives targetsWASHINGTON — Fifteen big banks that dominate worldwide trading of derivatives have committed to greater transparency in a $600 trillion market that regulators say needs stricter oversight to protect the global financial system. The international group of banks — including Bank of America Corp., Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc.

September 2nd, 2009 SEC, CFTC coordination worries exchange chiefWASHINGTON — Two agencies with oversight of the financial markets on Wednesday started coordinating their rules to eliminate differences involving similar types of investments, while the head of a major U.S. exchange said those efforts could do "more harm than good." The Securities and Exchange Commission, the government's primary markets watchdog, and the Commodity Futures Trading Commission — which oversees the trading of oil, gas and other commodities as well as financial instruments — have battled in the past over regulatory turf.

August 20th, 2009 Regulator seeks tighter derivatives billWASHINGTON — A key federal regulator is asking lawmakers to tighten legislation imposing broad new oversight on derivatives by going beyond the Obama administration's proposal in several areas governing the complex financial instruments blamed for hastening the global economic crisis. Gary Gensler, chairman of the Commodity Futures Trading Commission, urged changing the measure to eliminate exemptions from new requirements for foreign-currency swaps and small firms dealing in derivatives, among other things.

August 11th, 2009 White House seeks new reins on derivativesWASHINGTON — The Obama administration on Tuesday sent Congress legislation seeking to impose broad new oversight on derivatives, the complex financial instruments blamed for hastening the global economic crisis. The plan is designed to bring transparency to, and prevent manipulation in, a $600 trillion unregulated worldwide market.

July 31st, 2009 Lawmakers say have accord on derivatives oversightWASHINGTON — Two influential House lawmakers on Thursday announced an agreement on guidelines for legislation to impose broad new oversight on the financial instruments blamed for hastening the global economic crisis. They said the House could vote in September on a bill to regulate derivatives, legislation that is a crucial element of Congress' effort to overhaul the system of financial rules.

July 22nd, 2009 Regulators urge derivatives changesWASHINGTON — Two key federal regulators on Wednesday urged Congress to impose broad new rules on the financial instruments blamed for hastening the global crisis while Republican lawmakers chafed at constraints they said could hurt U.S. firms' competitiveness.

July 10th, 2009 Rep. Frank: Congress to clamp down on derivativesWASHINGTON — The chairman of the House Financial Services Committee says that Congress will "substantially" increase the power of federal regulators to monitor derivatives, a type of financial instrument that contributed to the economic turmoil. Rep. Barney Frank, D-Mass., said at a hearing Friday that he cares less about which agency will be given the task than about making sure that it's done.

June 23rd, 2009 SEC, CFTC agree on derivatives oversightWASHINGTON — The heads of two federal agencies with financial oversight responsibilities have told Congress that their jurisdiction can be split over the instruments blamed for hastening the global economic crisis. The Securities and Exchange Commission, the government's primary markets watchdog, and the smaller Commodity Futures Trading Commission — which oversees the oversees the trading of oil, gas and other commodities — have battled in the past over regulatory turf and found separate supporters in Congress.

June 9th, 2009 House panel divided on new financial rulesWASHINGTON — Debate on new oversight for complex financial instruments moved to the House on Tuesday as lawmakers struggle to determine how tight the government reins on a massive global market should be. A key lawmaker said a balance must be struck in crafting a new regulatory system for derivatives, the mostly unsupervised instruments blamed for hastening the global financial crisis.

June 4th, 2009 Key Democrat questions financial oversight planWASHINGTON — Fault lines emerged in Congress Thursday over new oversight for exotic financial instruments blamed for hastening the global crisis as a key Democratic senator questioned whether the government's proposed plan is robust enough. Gary Gensler, the chairman of the Commodity Futures Trading Commission, said a new regime — anchored on a network of clearinghouses to provide transparency for transactions in credit default swaps and other derivatives — was needed to reduce the risks of another financial meltdown.

May 14th, 2009 Treasury asks for control of derivatives marketWASHINGTON — The Obama administration is asking Congress to extend its oversight of the financial system to include the shadowy market of derivatives, the kind of complex financial instruments that helped catapult the world into an economic crisis. In a two-page letter sent Wednesday to congressional leaders, Treasury Secretary Timothy Geithner said he wants to create a central electronic-based system that would track the buying and selling of derivatives.

May 13th, 2009 Treasury wants more financial regulationsWASHINGTON — The Obama administration is asking Congress to extend its oversight of the financial system to include the shadowy market of derivatives, the kind of complex financial instruments that helped bring down the giant insurer AIG. In a draft two-page letter to congressional leaders, the Treasury Department says it wants to create a central electronic-based system that would track the buying and selling of derivatives.