WASHINGTON -- Rep. Edward Markey, D-Mass. has asked the SEC if it would consider requiring major derivatives dealers and users to set up independent audit committees and to report on the adequacy of their internal controls for derivatives.

Markey, who chairs the House Energy and Commerce Committee's subcommittee on telecommunications and finance, grilled the Securities and Exchange Commission on its position on audit committees and internal controls reporting in an eightpage letter that was sent to SEC chairman Arthur Levitt last week.

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