Reform

As the Commodity Futures Trading Commission (CFTC) met last Thursday to consider proposals to implement the Dodd-Frank Wall Street Reform Act, commissioners expressed alarm that the deep budget cuts passed by the House for fiscal year 2011 will not only threaten the agency’s ability to meet its new mandate under Dodd-Frank to regulate the derivatives market but also its traditional duties — overseeing the futures market.

As the Commodity Futures Trading Commission (CFTC) met Thursday to consider proposals to implement the Dodd-Frank Wall Street Reform Act, commissioners expressed fear that the deep budget cuts proposed by the House for fiscal year 2011 will not only threaten the agency’s ability to meet Dodd-Frank’s mandate to regulate the derivatives market but also its oversight of the futures market.

Rep. Darrell Issa (R-CA), the new chairman of the House Oversight and Government Reform Committee, has sent letters to more than 150 companies and trade associations asking them to identify the Obama administration regulations that his panel should investigate.

Rep. Darrell Issa (R-CA), the new chairman of the House Oversight and Government Reform Committee, has sent letters to more than 150 companies and trade associations asking them to identify the Obama administration regulations that his panel should investigate.

With commissioners feeling the pressure of the deadlines imposed in the Dodd-Frank Wall Street Reform Act, the Commodity Futures Trading Commission (CFTC) Friday voted out proposals seeking to protect collateral of customers in cleared and uncleared swaps, provide real-time reporting for swaps and to report swap transactions to swap data repositories (SDR).

With commissioners feeling the pressure of the deadlines imposed in the Dodd-Frank Wall Street Reform Act, the Commodity Futures Trading Commission (CFTC) Friday voted out proposals seeking to protect collateral of customers in cleared and uncleared swaps, provide real-time reporting for swaps and to report swap transactions to swap data repositories (SDR).

The controversial provision in the financial regulatory reform legislation that requires major banks to spin off their swap desks appears to be intact (see Daily GPI, June 16), although pressure is mounting to strip the provision from the bill.

The controversial provision in the financial regulatory reform legislation that requires major banks to spin off their swap desks appeared to be intact at the end of last week, although pressure was mounting to strip the provision from the bill.

President Obama Tuesday said he picked Michael R. Bromwich, a partner in the law firm of Fried Frank’s in Washington, DC, and New York, to head up reform of the troubled Minerals Management Services (MMS).