Senate Ag Chair Calls for Implementation of Wall Street Reform Act
Senate Ag Committee Chair Debbie Stabenow is pressing for implementation of the Wall Street Reform and Consumer Protection Act. Stabenow says the recent failures of firms like Peregrine Financial Group and MF Global - as well as trading losses at JP Morgan and the ongoing LIBOR rate-setting scandal - all underscore the need to implement the bill approved by Congress more than two years ago. At an oversight hearing Tuesday - Stabenow said that many derivatives are still trading in the dark and some financial institutions are still taking risks that threaten our economy. She says we need these markets to have integrity and market participants need certainty so they can plan for compliance and make business decisions for the coming months and years. Business, farmers and ranchers - Stabenow said - need to know these markets are safe for trading and hedging risk.
The Senate Agriculture Committee heard from Commodity Futures Trading Commission Chairman Gary Gensler and Director of the Division of Trading and Market at the Securities and Exchange Commission Robert Cook among other witnesses.
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