The U.S. Senate has confirmed the nomination of Gary Gensler to be Chairman of the Commodity Futures Trading Commission by a vote of 88 to 6. Senate Ag Committee Chairman Tom Harkin, D-Iowa, called on Gensler to reform and restore regulation of trading in futures and other derivatives contracts.
"It is painfully clear that our nation's financial system requires a much stronger and more comprehensive regulatory scheme," said Harkin.
Harkin says he is ready to move forward with legislation that would provide regulatory reform for over-the-counter derivatives. The bill would bring these types of financial transactions onto regulated exchanges in order to add openness, transparency and integrity in futures trading. Harkin said Gensler would be his lead witness during a hearing on the issue.
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