Sheila Bair, the former chairman of the Federal DepositInsurance Corp., writes in Fortune that one factor thatled to the Libor rate-rigging scandal was the Commodity FuturesModernization Act, passed in 2000, which took the off-exchangederivatives markets from the oversight of the Commodity FuturesTrading Commission and left those markets without a regulator. TheFederal Reserve had oversight over major dealers, but not themarkets themselves, Bair says, leaving those markets “afree-for-all.”

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