September 27, 2009 - Cargill and the National Rural Electric Cooperatives Association (NRN) said Sept. 18 that proposed regulation of financial derivatives could make it harder for them to do business, but House Agriculture Committee Chairman Collin Peterson, D-Minn., said he thinks the issues for “end users” can be resolved and that he is determined to tighten up on derivatives because their misuse was a key element in last year’s financial crisis. . . .
Peterson said at the hearing he wants to make changes in the proposal to avoid higher costs, but he added, “We are not going back to the system we had before. I want to make sure the risk out there is going to be borne by the people doing the business, not by the government.” Peterson also told reporters he fears the “big players” — big banks that sell derivatives — are trying to get exemptions. . . .Full Story
