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.
Lucas Disappointed in CFTC Nominee’s Comments
Tamara Hinton (202) 225-0184
WASHINGTON – Today, Ranking Republican Frank Lucas expressed disappointment in the response of Gary Gensler, President Barack Obama’s nominee to chair the Commodity Futures Trading Commission, to questions posed during the confirmation process. Specifically, Mr. Lucas is concerned about Mr. Gensler’s views on merging the Commodity Futures Trading Commission with the U.S. Securities and Exchange Commission. Mr. Gensler stated in a letter to Senator Carl Levin “a merger makes sense only if it enhances our ability to carry out the important tasks with which the CFTC is entrusted. Thus, I would not consider a merger simply for merger’s sake.”
“I’m disappointed that Mr. Gensler did not recognize the accomplishments of the agency he is seeking to lead. In our hearings over the past two years, the Agriculture Committee has discovered that the CFTC has performed better than other agencies in protecting both its investors and the integrity of the marketplace. The CFTC has the best track record in protecting its customers’ money out of all the financial regulators. It is unfortunate that Mr. Gensler didn’t take the opportunity to highlight these facts,” said Ranking Member Frank Lucas.