Washington, D.C.—Dec. 8, 2008—FIA President John Damgard discussed several issues related to the clearing of credit derivatives in testimony today before the U.S. House Agriculture Committee. Damgard made three main points in his written testimony. First, the interests of clearing firms must be recognized in the proper structure of any successful CDS clearing operation. Second, government agencies should not make CDS clearing a “jurisdictional football.” Third, merging the Commodity Futures Trading Commission and the Securities and Exchange Commission will not answer the financial market regulatory concerns raised by Congress in recent months.
