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On November 3, 2011, Sheila Bair, former Chairwoman of the Federal Deposit Insurance Corporation (“FDIC”), in a speech to attendees of the national fall meeting of the National Association of Insurance Commissioners, focused on systemic risk posed by credit-default swaps on the United States financial system
On May 23, 2011, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”) proposed joint rules in Federal Register 33-9204 that define the terms swap, security-based swap, security-based swap agreement, and mixed swaps
