WASHINGTON--A New York state legislator representing the National Conference of Insurance Legislators called on Congress yesterday to allow states to regulate credit default swaps, saying they are a "species of insurance" and "best left to the regulatory purview of the states."
The comments by New York Assemblyman Joseph Morelle, D-Irondequoit, on behalf of NCOIL took part at a hearing on legislation introduced by Rep. Collin Peterson, D-Minn., chairman of the House Agriculture Committee.
The bill Rep. Peterson is drafting would require most over-the-counter derivatives to be cleared by federally regulated clearinghouses and ban "naked" credit default swaps.
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