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D.C. Dispatches by Cynthia Dizikes

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    House panel passes major bill regulating financial products

    By Cynthia Dizikes | Published Thu, Oct 22 2009 4:12 pm

    WASHINGTON, D.C. — The House Agriculture Committee — led by Rep. Collin Peterson of Minnesota — passed landmark financial legislation Wednesday that would for the first time regulate financial products linked to the financial crisis.

    In a statement, Peterson said that the bill would “increase transparency in the marketplace” and would “benefit end users by not submitting them to onerous cash collateral requirements.”

    The bill “will hold swap dealers and major swap participants to new standards for capital, margin, business conduct and other requirements to reduce their ability to again place our financial system in such dire straits,” said Peterson, a Democrat.

    The bill, which passed the committee by a voice vote, must still be approved by the House and Senate.

    Among other things, it would require derivatives to go through clearinghouses to increase transparency and would implement new requirements on financial firms.

    For more about the legislation, go here, here and here.

    Washington Bureau | Thu, Oct 22 2009 4:12 pm | Comment

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    Illustration by Hugh Bennewitz

    minnpost.com/cynthiadizikes


    Cynthia Dizikes is MinnPost's Washington, D.C., correspondent and covers Minnesota's congressional delegation and reports on developments out of Washington that are important to Minnesota readers. She received her master's degree in journalism from UC Berkeley and has worked as an intern in the Los Angeles Times' Washington bureau, reporting on a variety of topics, and as a reporter for the Anniston Star in Alabama. Her work has also appeared in the San Francisco Chronicle, the Oakland Tribune, Congress Daily and on National Public Radio. She can be reached at cdizikes [at] minnpost [dot] com.

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