Obama wins first financial reform victory in months
Source: Reuters
WASHINGTON, Oct 15 (Reuters) - The Obama administration scored its first financial regulation reform victory in months on Thursday when a U.S. congressional committee approved new rules for over-the-counter derivatives.
In a 43-26 decision, the House of Representatives Financial Services Committee voted in favor of slapping new rules on the largely unpoliced $450-trillion OTC derivatives market, widely blamed for amplifying last year's financial crisis.
The committee's bill strives to balance a desire to curb speculative market excess with preserving the market's useful role in helping corporations hedge against operational risks.
That effort, which meant watering down parts of an earlier administration proposal, got mixed reviews.
LinkHere
WASHINGTON, Oct 15 (Reuters) - The Obama administration scored its first financial regulation reform victory in months on Thursday when a U.S. congressional committee approved new rules for over-the-counter derivatives.
In a 43-26 decision, the House of Representatives Financial Services Committee voted in favor of slapping new rules on the largely unpoliced $450-trillion OTC derivatives market, widely blamed for amplifying last year's financial crisis.
The committee's bill strives to balance a desire to curb speculative market excess with preserving the market's useful role in helping corporations hedge against operational risks.
That effort, which meant watering down parts of an earlier administration proposal, got mixed reviews.
LinkHere
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