A House Financial Services Subcommittee examines the economic impact of derivative regulations contained in the Dodd-Frank Wall Street Reform Act.
Derivatives, a form of insurance against financial risk, were linked to the economic turmoil that triggered the current global recession. The Dodd-Frank act attempted to make derivative trading more secure by imposing new rules governing how the instruments are sold and regulated.
The Subcommittee on Capital Markets and Government Sponsored Enterprises, chaired by Rep. Scott Garrett (R-NJ), hears from two panels.
Gary Gensler, Chairman of the Commodity Futures Trading Commission, and Robert Cook, Director of the Division of Trading and Markets at the Securities and Exchange Commission, testify on the first panel.
The second panel is composed of representatives of the banking and financial services industry.