Good afternoon. I thank the Institute of International Bankers for inviting me to speak today at your Annual Washington Conference. The 2008 financial crisis was global in nature and requires a comprehensive, international response. That response must include regulatory reform of the over-the-counter derivatives marketplace.
Though there was no single cause of the 2008 financial crisis, it reminded us of the risks that the over-the-counter derivatives marketplace can have on the global economy. Derivatives that are meant to manage an
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