Congress missed opportunity to regulate Credit Default Swaps in 2000
Congress passed a law in December 2000 confirming that Credit Default Swaps, and other swaps like them, would not be regulated. A bi-partisan decision passed 95-0, after very little substantive debate.
CONTEXT(Help)
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The Global Financial Crisis »The Global Financial Crisis
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Long-term causes of the financial crisis? »Long-term causes of the financial crisis?
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Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choices
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Investment banks incentivised to move into riskier activities »Investment banks incentivised to move into riskier activities
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Originating and distributing complex derivative securities »Originating and distributing complex derivative securities
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Congress missed opportunity to regulate Credit Default Swaps in 2000
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CDS felt to be a sophisticated market, best left alone »CDS felt to be a sophisticated market, best left alone
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CDS market complex, unregulated and secretive »CDS market complex, unregulated and secretive
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Complex financial instruments that few understood »Complex financial instruments that few understood
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