Cox Asks For Reins On Credit Default Swaps (Congress Daily)

The government's top securities regulator today pressed Congress anew to quickly rein in the market for credit default swaps, complex investments partly blamed for the widening financial crisis, the Associated Press reported. The roughly $60 trillion market for credit default swaps lacks transparency, is unregulated and creates an environment for market manipulation, SEC Chairman Christopher Cox said. The market's size exceeds the gross domestic product of every country in the world combined, he noted. "It's so important for Congress to act now," Cox said at an SEC conference on disclosure for investors.