This hearing was the second in a series of hearings the Committee has planned to prepare for legislation to reauthorization of the CFTC. The specific topic of this hearing was the views ofa majority and a minority member of the Commission’s ruling body.

The witness were Commissioners O’Malia and Wejten. Although they were asked to address the needs of the agency to fulfill’s mission in the next fiscal year, the hearing soon tended toward issues dealing with implementation of the Dodd/Frank Act. receiving considerable attention were the issues of “no-action” letters and the specific guidance the CFTC has recently provided concerning cross border regulatory activity.

Regarding the ongoing minority theme of cost benefit analysis for all rule making activity, Chairman Conoway announced cost studies of new regulations will be provided by the affected industries so as to compare the estimates of compliance costs with the cost the regulated industry will say they spent.