Commodity Futures Trading Commission’s Vacancies Said to Threaten Dodd-Frank Act

The race is on to fill two vacancies at the Commodity Futures Trading Commission by the end of the year to avoid deficiencies in regulating the Dodd-Frank Act.  The top US derivatives regulator, which has recently been restructured and designed to have five members overseeing things at the top, is still undermanned and the current two bosses at the top are said to be “retiring.”

The foreseeable gridlock and lack of enforcement of the Dodd-Frank regulations is even if the current administration nominates replacements soon, it could be “months” before the Senate to approve the appointees.  The commission has been given sole authority just three years ago under sweeping financial institution regulations (known as the “Dodd-Frank Act”) to oversee the $633 TRILLION credit swaps market.
Unless the vacancies are filled by the end of the year, it will leave only two voting commissioners, one Democrat and one Republican,” says Barb Levy, chief director for The Fox Group’s futures division in Chicago, regarding the current Commodity Futures Trading Commission’s situation.  Levy adds,This could result in delays on votes for new regulations or changes to current regulations.”

A former member of the commission between 2002 and 2006 provided some insight why regulatory firm requires more commissioners at the top when she stated, “A two-member commission creates hurdles in terms of bringing new significant rule changes or significant reviews.”  Routine daily business will still proceed, but the Dodd-Frank Act is proving to be an overwhelming good intention


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