• Senator Proposes Legislation to Regulate Derivatives
  • November 2, 2008
  • Law Firm: Cadwalader, Wickersham & Taft LLP - New York Office
  • On October 14, 2008, during a public hearing held by the Senate Committee on Agriculture, Nutrition and Forestry (the "Committee"), which regulates the Commodity Futures Trading Commission, to discuss the role played by financial derivatives in the ongoing financial crisis, the Chairman of the Committee, Senator Tom Harkin of Iowa, placed partial blame for the current financial crisis on "the extensive commerce in credit default swaps ("CDS") and similar contracts."