NEW YORK (Fortune) – Treasury Secretary Tim Geithner set plans Wednesday to rein in the wild and wooly derivatives markets.
Geithner proposed requiring that over-the-counter derivatives such as credit default swaps be traded on exchanges, and that all major dealers in derivatives markets be subject to federal oversight.
Geithner said the rules would bolster the stability of financial markets, promote efficient and transparent pricing and help regulators stamp out fraud and abuse.
Appearing at a press conference in Washington, Geithner said he expects to propose the new framework to Congress in coming weeks as the administration and legislators hash out new laws governing derivatives markets.
"The financial crisis was caused by - and exposed – significant gaps in oversight," he said. "We are committed to working with Congress to create more comprehensive system."
The goose-stepping towards socialism continues.
this guy can't even pay his taxes properly.
Geithner is a moron!
Hey Timmy – pay your taxes sweetie !
Amazing... there are thousands of comments on the other more "interesting" stories about Cheney and his big mouth etc.... However, this story here is actually germane to a lot of our financial problems and is far more important than anything that Cheney, Palin, Steele or Clinton for that matter, and there is not a single comment on this story. Shame on you Americans..... SHAME!! You love drama and soap opera garbage more than the nuts and bolts of your financial system and economic democracy. Shame!
Yay Geithner, It's about time we lose these useless "investments" and get back to investments with some value. Anybody ever hear of Mortgage-backed securities? That's why we are where we are today because of DERIVATIVES!!!!!!!!
Finally. I hope Congress passes this legislation and doesn't cave in to the special interests that contributed to their campaigns so heavily. Oh, right, what was I thinking!
You're late, Timmy.
The work of Rubin has already run its course.
tiny timmie tax cheat couldn't even oversee his own taxes – how can he oversee anything else?
My question is How do you trust a TAX CHEAT that is in charge of the Treasury Dept.
I wish we could get back to a system that says "if you take the risk you take the loss." People who invested in high risk plans should bear their own loss. It's like cops letting a drunk driver back behind the wheel because he just can't afford not to drive. Sooner or later somebody gets hurt. And it's usually not the driver.
And we don't need "oversight." That's another one of those meaningless government terms designed to deceive us into thinking somebody is doing something. What we need is regulation. Firm legislative regulation actionable civilly and criminally.
This is a great move. I can't stand Geithner or Obama (a lie a day), but this is just gambling on Wall Street.
This guy couldn't keep up with his own taxes and now is going to controll oversight gaps; give me a break.
You go get'em Geitner, END THE GRAVY TRAIN and that's when folk's true "greedy" colors start to show.