Commodity Futures Trading Commission Chairman Gary Gensler seems like a Washington rarity: He apologizes for his mistakes.
Gensler, during his stint in the Clinton administration, pushed for the deregulation that helped to set in motion the financial crisis of the past couple of years. But he’s since seen the error of his ways.
“Looking back now,” Gensler said, reiterating a similar statement he made in Monday’s USA Today, “we should have done more to help protect the American public.”
Now the CFTC chairman is pushing for transparency in the over-the-counter derivatives market, home to the now infamous credit-default swaps that ruined so many banks.
Given that these OTC derivatives played a big part in the worst meltdown since the Great Depression, Gensler said, “We need to do this.”
Cramer’s been using his Mad Money pulpit to push for similar changes, which is why he invited Gensler onto the show. Watch the video for the full interview and for a complete outline of the CFTC chair’s proposal.
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