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Earlier today, the House Financial Services Committee's Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing entitled "Credit Default Swaps on Government Debt: Potential Implications of the Greek Debt Crisis."
Late last week, Rep. Carolyn Maloney (D-NY) sent a letter to House Financial Services Committee Chairman Barney Frank (D-MA) requesting that hearings be held on U.S. financial firms’ involvement in the elements of the debt crisis currently facing Greece, following following various recent news reports that Greece's debt is being "exacerbated by financial institutions which are trading derivatives on the likelihood of a sovereign default" and that financial institutions sold debt to Greece in a way which "shrouded that debt, keeping it secret from the public."
