Economy May 13

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Treasury Seeks More Regulation of Risky Derivative Trades

The Obama administration is seeking new authority to oversee the virtually unregulated market for derivatives, a class of exotic financial instruments that includes the risky contracts that helped cripple insurance giant American International Group.

President Bush on Tuesday selected longtime Wall Street executive William Donaldson to serve as chairman of the Securities and Exchange Commission and to help restore confidence in markets shaken by a wave of corporate financial scandals.

The following is the full statement of the Chairman of the Securities and Exchange Commission proposing reforms for the accounting industry in effort to prevent another Enron disaster.

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