The first anniversary of the signing of the Dodd-Frank law served as the theme of this hearing’s review of the implementing its derivatives section. Ranking GOP member Pat Roberts set the tone in his opening remarks when he self-described his mood as “irascible” because he did not see a comprehensive approach to derivatives regulation. He also joined those who fear that U.S. financial firms would lose business to less-regulated nations.
Commodity Futures Trading Commission Chairman Gary Gensler defended the pace of the regulatory process and said he was satisfied with the degree of cooperation exhibited by U.S. regulators and their foreign counterparties.
Two panels of agri-business interests followed. They were critical of the pace of the regulatory process and complained of uncertainty on what the final rules may impose.