Henry Hu, the Securities and Exchange Commission’s recently-appointed director of the Division of Risk, Strategy, and Financial Innovation, spoke before the House Committee on Financial Services this morning regarding proposed legislation that would hedge in the derivatives market. The legislation, the Over-the-Counter Derivatives Markets Act of 2009, first proposed by President Barack Obama in August, would implement a number of regulatory controls over the sale of such investment vehicles, including the clarification and re-strengthening of existing controls. “It is critical that we work together to enact legislation that will bring greater transparency and oversight to the OTC derivatives market,” said Hu in his prepared remarks.
To read Hu’s complete speech, click here.
To read the proposed legislation, click here.