WASHINGTON -- Rep. Henry Gonzalez, the chairman of the House Banking Committee, has asked Charles County, Md., for information about its recent derivatives losses, warning that such losses underscore the need for Congress to enact pending derivatives legislation.

"Now that local taxpayers have been added to the long list of Wall Street mutual funds and private companies that have been burnt by derivatives, it is even more imperative that Congress pass legislation regulating the volatile and at times risky derivatives business," the Texas Democrat said in a written statement yesterday.

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