Treasury to detail plan to clamp down on credit default swaps, other derivatives
By APWednesday, May 13, 2009
Treasury to detail plan for credit default swaps
WASHINGTON — Treasury Secretary Timothy Geithner will announce a plan on Wednesday to strengthen federal regulations governing over-the-counter derivatives, a class of financial instruments that includes the risky contracts that helped bring down AIG.
Sen. Christopher Dodd, a Connecticut Democrat who chairs the Senate Banking Committee, says he has been told that the administration will “really tighten down” on them. He said had not been told how and did not have further details.
Geithner was scheduled to brief reporters at 4 p.m. EDT.
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