We find ourselves in a very different position than eight years ago when President Obama was about to take office. In January of 2009, the world was in the depths of the worst financial crisis since the Great Depression. Financial institutions across the globe were on the brink of collapse.
Today we are considering three matters that all involve fine tuning our rules to make sure they work as intended. These are all adjustments to previously issued rules, and they are appropriate to make sure our rules do not impose undue burdens or unintended consequences, particularly for the nonfinancial commercial businesses that use these markets to hedge commercial risks.