CFTC, SEC Can't Ban Abusive Swaps Under Frank Plan

Representative Barney Frank said his proposal to regulate the $592 trillion over-the-counter derivatives market won't give the government sweeping authority to ban "abusive swaps."

"There was concern that a broad grant to ban abusive swaps would be unsettling," Frank, chairman of the House Financial Services Committee, said today as the panel began action on his measure. Final votes on the measure were delayed until tomorrow.