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Peterson praises Geithner announcement


WASHINGTON, D.C. — Rep. Collin Peterson, D-Minn., applauded Treasury Secretary Timothy Geithner’s surprise announcement yesterday in which he called on Congress to increase supervision of the over-the-counter derivatives market.
The House Agriculture Committee, which Peterson chairs, passed legislation in February that would require derivatives trading to go through a central clearing house that would be regulated by the Commodity Futures Trading Commission (CFTC), which his panel oversees.

Since then Peterson and Rep. Barney Frank, D-Mass., who chairs the House Financial Services Committee, have butted heads over which agency should regulate the market. Frank would like to see it come under the Securities and Exchange Commission (SEC), which his committee oversees.

But, on Thursday at least, the two Chairmen came together to welcome Geithner’s announcement. Check out Steve Perry’s analysis here.