New York State Assemblyman Joseph D. Morelle (D- Irondequoit) will testify tomorrow, Wednesday February 4th, before the U.S. House Committee on Agriculture in his capacity as chairman of the Financial Services and Investment Products Committee of the National Conference of Insurance Legislators (NCOIL) regarding the need for increased regulatory controls within the $54 trillion credit default swaps market, where lack of oversight has been blamed for much of the nation's current financial crisis.

Morelle, who also chairs the Assembly's Committee on Insurance, will focus his remarks primarily on the issues surrounding credit default swaps, contracts in which one party guarantees another against losses in the event of a bond failure or other negative credit event. CDS are increasingly seen to be a form of insurance and Morelle has made CDS reform a top committee priority. The committee convened a hearing on credit default swaps in December in New York City, and Morelle also chaired an NCOIL hearing on the same subject in January.

The House Agriculture Committee is responsible for commodities trading oversight and is considering legislation that would prohibit certain CDS contracts.

The hearing begins 10:30 A.M. Wednesday and Morelle's testimony will be available via webcast on the House Agriculture Committee website.

About NYS Assemblyman Joseph D. Morelle

Since 1990, Assemblyman Joseph D. Morelle has represented the 132nd Assembly District, which includes portions of the city of Rochester and the Monroe County suburbs of Irondequoit and Brighton. In 2007, Joe was named chair of the Assembly Standing Committee on Insurance.