Good morning. I thank the Futures Industry Association for inviting me to speak this morning and John Damgard for that kind introduction. I regret that I am not with you in person.
This morning, I will discuss what the CFTC has done so far and some ideas that we’ve been considering as we proceed in our rule-writing process to implement the Dodd-Frank Act.
I want to start by thanking my fellow Commissioners – Mike Dunn, Jill Sommers, Bart Chilton and Scott O-Malia – for all of their hard work and close coordination on rule-writing. I believe that our rules, the markets and the American public benefit from the CFTC’s collaborative and inclusive process of writing rules to oversee the swaps markets.
The Process to Date
The CFTC is working deliberatively, efficiently and transparently to implement the Dodd-Frank Act. We initially organized our effort around 30 teams responsible for different rulemaking areas. A number of months ago we set up a 31st rulemaking team tasked with developing conforming rules to update the CFTC’s existing regulations to take into account the provisions of the Act.
We are enormously grateful for all of the input that the public, including many of you, provided to the agency. This began the day the President signed the Dodd-Frank Act into law, when we posted email addresses on our website to provide members of the public an opportunity to submit their views prior to rule-writing. To date, we have received nearly 2,900 pre-rulemaking submissions.
Public participation continued through nine roundtables hosted by the CFTC, many of which were held jointly with the Securities and Exchange Commission (SEC). Additionally, we have had many helpful meetings with members of the public on rule-writing. To date, we have had more than 600 of these meetings, each of which has been posted to our website.
Lastly, we have been working closely with our fellow regulators – both in the U.S. and abroad. This includes sharing many of our memos, term sheets and draft work product. Next week I will travel to Brussels to speak to the European Parliament in an effort to harmonize our swaps oversight. I also want to thank the international regulators who flew in from around the globe to join the CFTC’s meeting earlier this week to discuss and coordinate our financial reform efforts.