CFTC Chairman Gensler explains commission’s processes, goals for rule-making

Gary Gensler

Commodity Futures Trading Commission Chairman Gary Gensler wrote a letter to the Senate Banking Committee last week explaining the commission’s rule-making process and goals in implementing financial reform.

The CFTC, which established 30 rulem-aking teams when Dodd-Frank was enacted, has finalized 32 rules to date and plans to complete the remaining 20 rules before the end of the year. The commission is responsible for implementing financial reforms that govern the $708 trillion swaps market.

“The [CFTC] will continue looking at appropriate time for compliance, balancing the direction to protect the public with providing adequate time for market participants to comply with new requirements,” Gensler said.

Gensler said that the commission is working closely with other regulators, both domestic and foreign, adding that public input is essential to the rulemaking process.

“Through meetings with market participants and the public and through the receipt of public comments, the [CFTC] obtained the views of informed parties to improve its understanding of costs and benefits of the [commission]’s rulemakings,” Gensler said. “This has allowed us to mitigate compliance costs, to the extent consistent with the obligation of the CFTC to promote market integrity, reduce risk and increase transparency as directed by Congress in the Dodd-Frank Act.”

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