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DJMN: US Rep Frank Defends Derivatives Regulation Bill
By Fawn Johnson
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--House Financial Services Committee Chairman Barney Frank (D., Mass.) on Tuesday defended a derivatives regulation bill, saying its proposed exemptions are limited.
Institutions like American International Group Inc. (AIG) will be required to place their trades on exchanges.
"The poster child for derivatives causing problems is AIG," Frank said at a press conference. "The kind of trading that AIG did will be mandated to be on the exchanges."
Frank said he has been working closely with House Agriculture Committee Chairman Collin Peterson (D, Minn.) to meld the two derivatives bills coming from each of their committees before the full House votes on them.
"I think we're going to be able to come together on a common bill," Frank said.
Frank also said that the Commodity Futures Trading Commission and the Securities and Exchange Commission will be the final arbiters of whether companies can be exempt from placing their derivatives trades on an exchange.
-By Fawn Johnson, Dow Jones Newswires; 202-862-9263; fawn.johnson@dowjones.com
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(END) Dow Jones Newswires
November 03, 2009 15:39 ET (20:39 GMT)
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