The House Financial Services Committee addressed concerns for the Commodity Futures Trading Commission regarding the agency's implementation of derivatives provisions laid out in the Dodd-Frank Reform Act.
CFTC Chairman Gary Gensler, and Robert Cook, director of the division of trading and markets at the Securities and Exchange Commission, answered questions on what each agency's process for putting mandates from the reform law into place are and how they are being implemented.
"Lawmakers focused most of their attention on the CFTC, raising concerns that some are being driven out of the swaps market because of the agency's changes," writes American Banker's Victoria Finkle.
Republicans questioned Gensler on the CFTC's decision to issue interpretative guidance instead of regulations in some cases and its work with both foreign and domestic counterparts, including the SEC. Democrats focused on how the CFTC plans to deal with cross-border risks in derivatives markets.
For the full piece see "
