One-size-fits all legislation is not the answer to the challenges facing the OTC derivatives market

OTC derivatives serve an important risk-reducing function

Mandating central clearing will have negative unintended consequences

Legislators should focus on fixing the part of the OTC derivatives market that is broken

Using standardized exchange-traded contracts to hedge unique risks will increase economic and accounting risk

Business end users that use derivatives to manage risk should not have to centrally clear trades

Regulations to reduce systemic risk should focus primarily on the derivatives usage of systemically significant institutions

American businesses should continue to be able to use the balance sheets of their bank counterparties to obtain credit to hedge

Policy makers should not make access to important risk management tools too difficult or too expensive to attain