SEC chief calls for stronger rules on derivatives trading

If President Obama wants to end the kind of complex trading that nearly brought the U.S. financial system to its knees, a more robust plan is needed to control them than the one his administration has put forth, the nation's top securities regulator told Congress on Tuesday.

A White House plan to regulate the $450 trillion dollar derivatives market "would go a long way toward bringing over-the-counter derivatives under a comprehensive framework," Securities and Exchange Commission Chairwoman Mary Schapiro told a congressional panel. But she added that swaps needed to regulated in the same way their underlying assets are.