POGO Objects to Derivatives Loophole

The Project On Government Oversight (POGO) sent a letter today to Chairman Collin Peterson (D-MN) and Ranking Member Frank Lucas (R-OK) on the House Committee on Agriculture, to express its strong objection to Chairman Peterson’s amendment to the Peterson Substitute for H.R. 3795, the Over-the-Counter Derivatives Markets Act of 2009.

“POGO believes the definition of an “alternative swap execution facility” described in Chairman Peterson’s amendment creates a wholly unjustified loophole in the regulation of OTC derivatives, effectively undermining the spirit of the legislation and representing a giant step backwards for transparency and accountability,” said Danielle Brian, Executive Director, POGO.