Senator Bunning on the Bernanke reappointment (6/14)

Senator Jim Bunning (R-KY) offered the following prepared comments during the December 3 reappointment hearing of Fed Chairman Ben Bernanke. This is part six in a fourteen part series:

On derivatives, Chairman Greenspan and other Clinton Administration officials attacked Brooksley Born when she dared to raise concerns about the growing risks. They succeeded in changing the law to prevent her or anyone else from effectively regulating derivatives. After taking over the Fed, you did not see any need for more substantial regulation of derivatives until it was clear that we were headed to a financial meltdown thanks in part to those products.

Tim White