Wall Street pro seeks confirmation to key financial commission
By Richard Newman, The Record (Hackensack, N.J.) | |
McClatchy-Tribune Information Services |
Speaking to lawmakers publicly for the first time,
Giancarlo, nominated last year by
In his opening statement Giancarlo, a Republican, said problems in the swaps market, particularly at insurance giant
the financial crisis," and that he has been in favor of increased regulation of swaps since before that happened.
As an industry participant in the legislative debate over Dodd-Frank, he said he had called for central clearing of transactions and increased regulatory and marketplace transparency. "My support for these reforms is based not an academic theory or political ideology; it is based simply on my practical experience in the markets. But I am also a strong believer that vibrant, open and competitive markets are essential to a strong economy. Proper regulatory oversight can go hand in hand with open and competitive markets."
The agriculture committee will make recommendations on whether the nominees should be confirmed to the full
"The last time we met as a committee to confirm a new chair, we were in the middle of a financial crisis so deep that 8 million jobs were lost," said Sen.
Giancarlo would take the seat of
Democrat Bowen would take the seat to be vacated by
Massad would replace
Giancarlo, who grew up in
Several senators expressed concerns about proposed position limits on certain trades, issues related to differences in how other countries regulate the global swaps market, and how new CFTC regulations will affect farmers and ranchers who use derivatives to hedge their financial risks. A couple of senators expressed dismay at the regulators' inability to prevent collapses of
Former broker-dealer MF Global, led by ex-
Giancarlo described the failure of the regulator to uncover those companies' problems sooner as a "black eye" for the CFTC.
"We have to make sure that does not happen again," he said.
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