House Agriculture Committee Chairman, Collin Peterson, is looking to plug a potential loophole that might allow derivatives traders to evade public scrutiny of their deals, Reuters reports. The House financial reform bill includes new requirements for firewalls within commodity trading firms.
Peterson’s concern is in line with Commodity Futures Trading Commission Chairman, Gary Gensler, who has urged lawmakers for a tighter regulatory net around the unregulated over-the-counter U.S. derivatives market. According to Gensler, the new ban will apply strictly to misappropriated government information.
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