BETTER MARKETS STATEMENT ON CFTC DELAY OF DODD-FRANK RULES

Better Markets President and CEO Dennis Kelleher made the following statement today on the decision by the Commodity Futures Trading Commission to temporarily delay final Dodd-Frank rules:

“The CFTC’s announced modest delay to finalize its work on financial reform rules is thoughtful and appropriate. The CFTC has worked diligently and tirelessly to enact those reform rules to protect the public, but it needs a little more time. Regrettably, a delay may not have been necessary if the CFTC was provided with adequate funding and was able to hire additional personnel, but politics and industry lobbying prevented that.”

“The CFTC’s decision is not and should not be misinterpreted as a signal of retreat from tough, but necessary rules to prevent another financial crisis. Rather, today’s action highlights the considered approach of the CFTC to getting the rules done as quickly as possible with as much input as possible. Ultimately, that process should lead to the best rules to protect not only the public and taxpayers, but also the public treasury from another costly bailout and economic crisis. Nevertheless, the very real risk to the public every day that the rules are not in place cannot be overstated. The reckless actions that gave rise to the last financial crisis makes clear that tough new rules are necessary and more cops on the beat to police the $600 trillion marketplace are needed as fast as possible. This action today must be yet another step in that process.”