Regulating Derivatives: 'Work in Progress'

Regulators asked a House panel on Wednesday to increase oversight over derivatives, the financial instruments blamed by many for accelerating the financial crisis, while companies said such efforts would eliminate jobs and straight-jacket risk management. Representative Barney Frank, Democrat from Massachusetts, said the solution he put forward is a "work in progress." A bill for greater regulation probably won't reach President Barack Obama until December at the earliest, Frank said. There will be plenty of wrangling between Democrats and Republicans between now and then.