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This hearing was by the Committee on Agriculture, Nutrition, and Forestry, chaired by Senator Harkin of Iowa. That might seem like an unusual place to deal with the regulation of esoteric financial products, but this committee has oversight for the CFTC, because the first futures contracts were agricultural, and the CFTC has oversight on swaps and derivatives, because they have characteristics similar to futures.
Rick Bookstaber In fact that doesn’t surprise me at all. Little about the chaos revealed by this crisis is surprising. When you shine a light in dark places, of course the things that live in the dark scurry anywhere they can go.
