CFTC, SEC to speak at US House derivatives hearing

WASHINGTON, Sept 22 (Reuters) - Leaders of the two major federal regulators of U.S. financial markets will testify before the House Agriculture Committee on Tuesday as concern mounts about the pace of the White House's plan to regulate the multi-trillion over-the-counter derivatives market.

Gary Gensler of the Commodity Futures Trading Commission and Mary Schapiro of the Securities and Exchange Commission will testify on efforts to bring more transparency to the complex market that many blame for amplifying the financial meltdown that began a year ago.

The administration plan would require OTC derivatives go through central clearinghouses and would encourage trading to move onto regulated exchanges. It also would require dealers to register and operate under federal guidelines.

Agriculture chairman Collin Peterson complained last week that Congress has lost its momentum and may not pass a bill before next spring, if at all. Frank Lucas, the Republican leader on the committee, asked if action was needed beyond increased reporting and record keeping requirements.

"My biggest concern is we're not moving this fast enough," Peterson told reporters last week while his committee listened to witnesses on regulation of over-the-counter derivatives.

If a bill is not drafted until November, he said, "that means we won't get it done until next spring, if ever."

Peterson later said the House Financial Services Committee planned to draft an omnibus reform bill in late October, a slightly faster timeline than he had expected.

"People are getting frustrated," he said, describing sentiment among House members.

(Reporting by Russell Blinch; Editing by Lisa Shumaker)