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Washington Roundup

House proposal on oversight of financial advisers is delayed
A House committee put off consideration of legislation that would shift regulation of financial advisers from the Securities and Exchange Commission to a self-regulatory organization. The proposal probably won't be introduced until next spring, a Financial Services Committee spokesman said. InvestmentNews (free registration)(12/6)

Republicans question Gensler's recusal on MF Global
Some Republican senators say Gary Gensler, chairman of the Commodity Futures Trading Commission, avoided his responsibilities when he recused himself from an investigation into the collapse of MF Global. "To me it looks like you are ducking the responsibilities of your job," said Sen. Mike Johanns, R-Neb. "As President Truman so famously observed, the buck stops with you." Reuters(12/6), The Washington Post(12/6), Reuters(12/6)

Lawmakers look into use of derivatives to avoid taxes
Lawmakers at a joint hearing of the Senate Finance and House Ways and Means committees examined how investors use credit default swaps, prepaid forwards and other derivatives to shift income and, sometimes, to avoid taxes. "The potential for mischief is one of the reasons we are holding this hearing," said Senate Finance Committee Chairman Max Baucus, D-Mont. The Wall Street Journal/Washington Wire blog(12/6), Reuters(12/6), Bloomberg(12/6), AdvisorOne.com(12/6)

Geithner supports French-German plans to battle crisis
Treasury Secretary Timothy Geithner said he backs proposals by France and Germany to resolve Europe's sovereign-debt crisis. French President Nicolas Sarkozy and German Chancellor Angela Merkel called for mandatory penalties on countries that do not meet deficit targets. Geithner said any solution should include a significant role for the European Central Bank. Reuters(12/6)