NU Online News Service, Oct. 7, 3:15 p.m.EDT
The chairman of the Commodities Futures Trading Commission todaycited American International Group as the poster child for the needfor strong regulation of the over-the-counter derivativesmarket.
Gary Gensler made his comments at a hearing before the HouseFinancial Services Committee on draft legislation, designed toimpose strong regulation on the swaps. The draft was prepared bythe staff of the FSC and released for discussion early this week byRep. Barney Frank, D-Mass., who chairs the committee.
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