The severe financial crisis that unfolded over the last two years revealed serious weaknesses in the structure of financial regulation, as well as the pressing need for a comprehensive regulatory framework.  Blame for the crisis has focused in part on the lack of regulation of the over-the-counter (OTC) derivatives markets. As a result, a critical component of President Obama’s financial plan involved regulating the markets for derivatives.  (For a more detailed analysis of the Obama Administration’s new proposal, see “The Obama Administration Outlines Major Financial Rules Overhaul, Announces Greater Scrutiny for Hedge Funds and Derivatives,”  Hedge Fund Law Report, Vol. 2, No. 25 (Jun. 24, 2009)).  On June 22, 2009, the chairmen of both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) testified before Congress regarding the regulation of these markets.  Specifically, SEC Chairman Mary L. Schapiro and CFTC Chairman Gary Gensler urged Congress to address existing gaps in regulatory oversight of securities-related OTC derivatives.  They proposed a new framework that would expand the regulatory authority of the CFTC and SEC to oversee the OTC derivatives markets.  We describe their testimony, and the four primary objectives they aim to achieve.