--Eleni Himaras
A draft bill circulated by the New York Assembly insurance committee that would have banned naked credit default swaps (DW, 3/22) will have to be scrapped since the U.S. Dodd-Frank Act expressly prohibits states from regulating swaps as insurance. Other states such as California discussed similar measures, but New York was the only one to circulate language.
The draft bill, sponsored by assemblyman Joseph Morelle (D-Rochester), who also chairs the ....