CFTC Chairman Gensler and SEC Chair White were the only witnesses invited by the Banking Committee to recap theri agency’s progress in the final stages of Dodd/Frank implementation.
Chairman Gensler reported that the CFTC had nearly fiinished its’ work. The “rules of the road” were in place and with the exception of some joint rulemaking efforts on issues like margin, capital, the Volcker Rule and position limits, the work of the CFTC was nearly completed. On the other hand, Chair White acknowledged her agency had more work to do, not only on Dodd/Frank but on the rules for the Jobs Act as well. She hoped to have most of the work done by the end of the year.
Committee Chairman Johnson agreed the CFTC had accomplished a lot but he asked for a greater degree of harmonization before all agencies issue final rules. Ranking Member Crapo complained that cross border regulation still remained an unresolved issue and it seemed to him that the two agencies, the CFTC and the SEC, were heading in opposite directions regarding a coordinated final regulation.