james a. leach and derivatives

So regulators have circled derivatives uneasily, not sure of what to do about them, except to worry. The new worriers include Congressman James A. Leach, 51, of Iowa, who calls derivatives the ''wild card'' in international finance. The ranking Republican on the House Banking Committee, Leach has just introduced a bill that proposes a new Federal Derivatives Commission, whose authority over these products would be extensive. The old worriers include Gerald Corrigan, 52, who was until recently president of the Federal Reserve Bank of New York and who has just become a top-level international executive at Goldman Sachs, itself a large derivatives dealer.