On March 9, 2020, Better Markets filed a comment letter on the Commodity Futures Trading Commission’s (“CFTC”) proposed framework for applying the Dodd-Frank Act’s swaps requirements to certain non-U.S. activities and non-U.S. persons having a direct and significant (1) connection with activities in U.S. commerce; or (2) effect on U.S. commerce. Better Markets agrees with certain elements of the CFTC’s complex and critically important proposal. However, numerous elements violate the Commodity Exchange Act’s statutory commands to protect the safety and soundness of swap dealers, prevent disruptions to the integrity of derivatives markets, and preserve the stability of the U.S. financial system. Our Fact Sheet below explains the problems with the proposal in more detail.