NU Online News Service, Oct. 15, 1:39 p.m. EDT

WASHINGTON–In legislation spurred by the near-collapse of American International Group, the House Financial Services Committee approved a bill today to significantly increase federal regulation of the credit default swaps trading.

The Over-the-Counter Derivatives Market Act of 2009 was reported out of the Committee by a 43-26 vote. Only one Republican, Rep. Walter Jones, R-N.C., joined all committee Democrats in passing the measure.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.