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CFTC chair not concerned with Republican efforts to change Dodd-Frank

Gary GenslerGary Gensler, the chairman of the Commodity Futures Trading Commission, said he is not concerned about Congressional efforts to change parts of the Dodd-Frank Act.

“I’m aware of (the bills), but…we have a law in front of us,” Gensler said, according to Reuters.com.

The commission has finalized 15 rules so far and is planning on moving at full speed in order to complete a regulatory framework for the $600 trillion over-the-counter derivatives market rule.

It may not, however, meet its deadline to finish several other high-profile and controversial rules required by Dodd-Frank.

The CFTC continues to postpone its vote on a position limits rule because it lacked three votes needed for approval, Reuters.com reports.

Republicans have expressed their frustrations with the excessive financial regulations and have been vocal in criticizing the CFTC’s pace of rulemaking. Meetings were scheduled this week in Congress to consider proposals to address Dodd-Frank and consider changes to the law.

The House Agriculture Committee is holding a hearing on Wednesday to discuss the role of the over-the-counter derivatives market in helping farmers and farmer-owned cooperatives manage commodity price risks.

“Even though it has been more than a year since the Dodd-Frank Act was signed into law, we are still uncertain as to how farmer cooperatives will be classified and what regulations they will be subject to,” Scott Cordes of the National Council of Farmer Cooperatives said as a witness at the hearings. 

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