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Congress reinstates CFTC's power to ban CDS gambling

July 28, 2010  

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Controversial naked credit default swaps could be banned under the new law.

In a little-noticed provision, the new financial reform law, signed by President Barrack Obama last week, contains language that re-empowers the Commodity Futures Trading Commission to ban certain credit default swap contracts, reinstating powers that the Commodity Modernization Act stripped away in 2000. A re-empowered CFTC could halt trading of existing...

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