Lawmakers generally voiced agreement with the CFTC chairman's testimony before a House agriculture subcommittee today that additional regulation is needed for the derivatives market.
Gensler testified that the House financial regulatory reform bill is strong, but needs to include more oversight for the OTC derivatives industry, which critics argue exacerbated the global financial meltdown. He also repeated the regulator's call for stiffer insider trading rules for commodity and energy markets.
Following Gensler's testimony, House Agriculture Committee Chairman Collin Peterson voiced support for Gensler's position, telling reporters that he “didn't want to let the financial guys off the hook.”
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