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US official: derivatives surprised government

US official: derivatives surprised government

Treasury Secretary Timothy Geithner say the enormous scale of the financial derivatives market helped to cripple the U.S. economy and that greater oversight is needed to make sure it does not happen again.
Geithner is testifying before the House Financial Services Committee and House Agricultural Committee.
In his opening remarks, he said establishing a comprehensive framework to monitor the complex financial instruments is "crucial to laying the foundation for a safer, more stable financial system."
Derivatives are financial instruments whose values are based on something else, such as a mortgage-backed security or a commodity like oil.


Updated : 2021-10-28 19:14 GMT+08:00