Sheila Bair, the former chairman of the Federal Deposit Insurance Corp., writes in Fortune that one factor that led to the Libor rate-rigging scandal was the Commodity Futures Modernization Act, passed in 2000, which took the off-exchange derivatives markets from the oversight of the Commodity Futures Trading Commission and left those markets without a regulator. The Federal Reserve had oversight over major dealers, but not the markets themselves, Bair says, leaving those markets “a free-for-all.”

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