Washington — In Congressional testimony today, New York Insurance Superintendent Eric Dinallo edged away from plans to regulate part of the credit default swap market. 

In September, Dinallo said in that the state planned to begin regulating the market in January, deeming the contracts as a legitimate part of an insurer regulator’s purview. Terming multiple regulators of heretofore-unregulated market impractical, Dinallo said he preferred a broader, federal regulatory plan.

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