Drawing heavily on a new General Accounting Office report, Democratic lawmakers are pushing legislation that would give securities regulators new powers over previously unsupervised derivatives dealers.

The bill, sponsored by Rep. Edward J. Markey, D-Mass., and Sen. Byron L. Dorgan, D-N.D., is an attempt to fix underlying problems associated with the near-collapse of Long-Term Capital Management LP last year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.