The U.S. Treasury Department has released its plan to oversee the heretofore unregulated derivatives market, widely regarded as an impetus for the ongoing financial crisis. Dubbed the "Over-the-Counter Derivatives Markets Act of 2009,” the legislation is intended to regulate derivative dealers and other major market participants.
The plan grants oversight responsibility primarily to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) and, in certain instances, "prudential" regulators including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
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