Financial Privacy & Security News

Statement of Ed Mierzwinski, U.S. Public Interest Research Group’s Consumer Program Director on the Over-the-Counter Derivatives Markets Act of 2009

WASHINGTON, October 15 - “The derivatives bill has severe flaws. The final bill must provide for trading on exchanges, not clearinghouses; and nearly all products must be covered (a small exception for certain truly customized truly one of a kind products is possible).
 
“The bill, even with the tweaks we have seen, provides neither reform, and its broad exceptions swallow any rule it creates. Worse, the bill settles some ongoing lawsuits in the industry’s favor.
 
“We will demand significant improvements on the House floor and in the Senate, so the final law guarantees that Wall Street doesn’t get to bet the house with other people’s houses, or the world’s economy without accountability.”

# # #