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Credit default swaps belong under supervision of states.

Publication: National Underwriter Property & Casualty
Publication Date: 23-FEB-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
CONGRESS SHOULD LET STATE officials regulate credit default swaps because they are a "species of insurance," a New York lawmaker speaking for the National Conference of Insurance Legislators contends.

The comments by New York Assemblyman Joseph Morale, D-Irondequoit, on behalf of NCOIL came during a hearing on a federal bill that would require most over-the-counter derivatives to be overseen by federally regulated clearinghouses, while banning "naked" credit default swaps--traded by those who do not own...

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