Today, the House Agriculture Committee held a hearing to assess the progress of global derivatives reforms since the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law five years ago. Dodd-Frank imposed sweeping new regulations over the financial industry, including the regulation of swaps under Title VII, which had previously not been regulated in the U.S.
Today, Chairman K. Michael Conaway (R-TX) said in his opening statement he opposes any increase in funding for the Commodity Futures Trading Commission (CFTC) until it is reauthorized. The following statement was delivered at the House Agriculture Committee’s hearing Dodd-Frank Turns Five: Assessing the Progress of Global Derivatives Reforms. To view the full opening statement, click here.