The draft of proposed legislation to regulate credit derivatives has been roundly criticized by the financial industry (no surprise). For a sampling of responses, see CBS Marketwatch's Bill to curb speculation could kill CDS: analyst, Seeking Alpha's Bad Bank and Draft Bill Spook CDS Traders and Wall Street , and Reuters' CFTC poised to undergo big changes (via Midas Letter).
BSP readers can find out what the rumpus is by watching the live streaming video of today's hearings at noon Central time. From the Ag committee's web site, here's the agenda:
Tues., February 3rd – 1:00 p.m.
1300 Longworth House Office Building
Full Committee on Agriculture—Public Hearing.
RE: To review derivatives legislation.
NOTE: Due to room renovations, seating for the public and press will be extremely limited. The hearing will be webcast live on the House Agriculture Committee website here.
Panel I
- Mr. Tom Buis, President, National Farmers Union, Washington, D.C.
- Mr. John Damgard, President, Futures Industry Association, Washington, D.C.
- Mr. Michael Greenberger, Law School Professor, University of Maryland School of Law, Baltimore, Maryland
- Mr. Michael A. Gooch, Chairman and Chief Executive Officer, GFI Group Inc., New York, New York
- Mr. Sean Cota, President, Cota & Cota Inc., on behalf of Petroleum Marketers Association of America and New England Fuel Institute, Bellow Falls, Vermont
- Mr. Terrance A. Duffy, Executive Chairman, CME Group Inc., Chicago, Illinois
Panel II
- Mr. Daniel J. Roth, President and Chief Executive Officer, National Futures Association, Chicago, Illinois
- Mr. Tyson Slocum, Director, Public Citizen's Energy Program, Washington, D.C.
Congressman Peterson's press secretary, Allison Myhre, has emailed, letting us know that C-SPAN is taping the hearings and playing them throughout the day. We'll add a link to the video files if it archives the footage online.
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