WASHINGTON — Congress must draft legislation mandating broad federal regulation of all over-the-counter derivatives dealers and markets, including municipal interest rate swaps and other non-standardized derivatives products, Commodity Futures Trading Commission chairman Gary Gensler said yesterday.“We must urgently enact broad reforms to regulate over-the-counter derivatives,” Genlser told members of the Senate Agriculture Committee at a hearing on derivatives.

“The current financial crisis has taught us that the derivatives trading activities of a single firm can threaten the entire financial system and that all such firms should be subject to robust federal regulation.

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