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Project on Government Oversight

POGO Objects to Derivatives Loophole

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December 3, 2009

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.

Founded in 1981, the Project On Government Oversight (POGO) is a nonpartisan independent watchdog that champions good government reforms. POGO’s investigations into corruption, misconduct, and conflicts of interest achieve a more effective, accountable, open, and ethical federal government.