Statement of Chairman Collin Peterson and Chairman Barney Frank on OTC Derivatives

Washington, DC - House Agriculture Committee Chairman Collin Peterson (D-MN) and House Financial Services Committee Chairman Barney Frank (D-MA) today made the following joint statement after receiving a letter by Treasury Secretary Timothy Geithner on regulating over-the-counter (OTC) derivatives:

“We applaud the letter by Treasury Secretary Tim Geithner, and we agree there must be strong, comprehensive and consistent regulation of OTC derivatives.  As Chairmen of the Congressional Committees who share jurisdiction on this issue, we will work closely together to achieve that goal.  Increased oversight, accountability and transparency of the financial markets are essential to restore consumer confidence in the marketplace, protect investors and preserve the overall integrity of the financial system.” 

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