As the business reporter at Chicago Public Radio, I am tasked with covering the economic impact on the Chicago area. Needless to say, my plate is pretty full right now. I'm working on this story for the near future...
Crain's Chicago Business and Chicago Tribune are reporting that federal regulators are nearing a decision on allowing futures exchanges like the CME group to start trading credit default swaps (a complicated financial instrument that got AIG into so much trouble). The idea is to move the contracts from unregulated, over the counter markets to more regulated clearinghouses like the CME.
On Thursday, US Senator Tom Harkin announced proposed legislation that would force OTC futures contracts onto regulated markets.
Here is a video explaining this: