US bill proposes greater regulation of over-the-counter derivatives
REGULATION
WASHINGTON, DC -- Legislation to bring over-the-counter (OTC) derivatives under US federal regulation has been introduced to the US House of Representatives.
Democrat Peter DeFazio, representative for Oregon, introduced a bill that proposes combining the Securities Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) to create a Securities and Derivatives Oversight Committee.
DeFazio argued that the formation of such an amalgamated body is a necessary step towards his
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