Originally published July 10, 2009 at 7:31 AM | Page modified July 10, 2009 at 9:32 AM
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Rep. Frank: Congress to clamp down on derivatives
The chairman of the House Financial Services Committee says that Congress will "substantially" increase the power of federal regulators to monitor derivatives, a type of financial instrument that contributed to the economic turmoil.
Associated Press Writer
The chairman of the House Financial Services Committee says that Congress will "substantially" increase the power of federal regulators to monitor derivatives, a type of financial instrument that contributed to the economic turmoil.
Rep. Barney Frank, D-Mass., said at a hearing Friday that he cares less about which agency will be given the task than about making sure that it's done.
Treasury Secretary Timothy Geithner was testifying before the House committees on financial services and agriculture on the administration's plan to regulate privately traded derivatives.
Derivatives are financial instruments whose value are derived from something else, such as a mortgage-backed security or a commodity like oil.
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