House Committee on Agriculture: Press Release: Peterson Introduces OTC Derivatives Discussion Draft

Peterson Introduces OTC Derivatives Discussion Draft

WASHINGTON – Today, House Agriculture Committee Chairman Collin C. Peterson of Minnesota introduced discussion draft legislation to regulate the market for over-the-counter (OTC) derivatives. Chairman Peterson introduced the draft to support ongoing efforts by his Committee, the House Financial Services Committee, and the Administration, to enact legislation that would bring order to the largely unregulated OTC swaps market that played a large role in the credit crisis and the collapse of some of America’s largest financial institutions.

“This draft reflects the hearings the Agriculture Committee recently held looking at current OTC reform proposals, and it incorporates provisions that have been proposed by Chairman Barney Frank’s Committee and the Administration,” Peterson said. “In this draft, we attempt to reflect the concerns of end users while bringing oversight and transparency to OTC trading. I believe this draft and the feedback we receive from it in our Committee will help us move forward quickly to enact much-needed legislation to restore accountability to our financial markets.”

The draft circulated today contains provisions addressing OTC clearing, trading, capital and margin requirements, and position limits. It builds on legislation the House Agriculture Committee passed earlier this year, H.R. 977, to strengthen the oversight of futures, options and OTC markets.

The legislative text and a side-by-side comparison of recent derivatives reform proposals are available on the House Agriculture Committee website at http://agriculture.house.gov.

###

Home | News Room


	Peterson Introduces OTC Derivatives Discussion Draft

	WASHINGTON – Today, House Agriculture Committee Chairman Collin C. Peterson of Minnesota introduced discussion draft legislation to regulate the market for over-the-counter (OTC) derivatives. Chairman Peterson introduced the draft to support ongoing efforts by his Committee, the House Financial Services Committee, and the Administration, to enact legislation that would bring order to the largely unregulated OTC swaps market that played a large role in the credit crisis and the collapse of some of America’s largest financial institutions. “This draft reflects the hearings the Agriculture Committee recently held looking at current OTC reform proposals, and it incorporates provisions that have been proposed by Chairman Barney Frank’s Committee and the Administration,” Peterson said. “In this draft, we attempt to reflect the concerns of end users while bringing oversight and transparency to OTC trading. I believe this draft and the feedback we receive from it in our Committee will help us move forward quickly to enact much-needed legislation to restore accountability to our financial markets.” The draft circulated today contains provisions addressing OTC clearing, trading, capital and margin requirements, and position limits. It builds on legislation the House Agriculture Committee passed earlier this year, H.R. 977, to strengthen the oversight of futures, options and OTC markets. The legislative text and a side-by-side comparison of recent derivatives reform proposals are available on the House Agriculture Committee website at http://agriculture.house.gov.

### Home \| News Room