Aide: Obama Wants to Rein in Wall St. Derivatives

Wednesday, 14 Apr 2010 10:43 AM

 

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A White House official says President Barack Obama will press lawmakers for stronger oversight of derivatives, a Wall Street product that contributed to the nation's financial meltdown.

The official says Obama will make his case at a meeting Wednesday with House and Senate leaders of both parties to discuss financial regulations. The official would speak only on background because the meeting had not begun.

The most problematic derivatives involved mortgage loans that went into default. Derivatives are contracts used to hedge risk or speculate on the future value of assets.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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