Scott Garrett, a Republican representative from New Jersey, and Carolyn Maloney, a Democrat representative from New York, have introduced legislation on to weaken transparency on swaps. These are complex financial instruments capable of causing financial panics because nobody, including investors, regulators, and dealers can identify the risk swaps pose to the economy or who is at risk.
http://thinkprogress.org/economy/2011/11/28/377059/bipartisan-swap-exemptions/
Swaps brought down AIG, necessitating hundreds of billions in bailouts. AIG advertised itself as a safe insurance company, but operated a unit that behaved like a hedge fund.
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