Cox urges regulation of debt insurance

WASHINGTON (AP) -- While Congress is looking for an immediate solution to the natoin's financial crisis, Securities and Exchange Commission Chairman Christopher Cox is asking lawmakers to also regulate a kind of corporate debt insurance that plays a role in today's problems.

Prices for the insurance soared after the Lehman Brothers' bankruptcy and helped to pushed American International Group to the brink.

In testimony prepared for the Senate Banking Committee, Cox urges regulation of so-called credit default swaps to protect investors and to ensure the operation of fair and orderly markets.

Cox says such regulation should be part of a regulatory overhaul of the nation's financial system, something Congress is not likely to tackle until next year.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 29626574 - local8now.com/a?a=29626574