FOR IMMEDIATE RELEASE
Friday, January 25, 2019
Contact: Nick Jacobs, 202-618-6430 or email@example.com
CFTC GRANTS BETTER MARKETS REQUEST TO EXTEND PUBLIC COMMENT PERIOD ON SWAP EXECUTION FACILITIES (SEF) RULE
Washington, D.C. – Dennis Kelleher, president and CEO of Better Markets, issued the following statement following an announcement by Chairman of the Commodity and Trading Futures Commission, Christopher Giancarlo, extending to March 15 the public comment period for proposed rules on swap execution facilities:
“Derivatives, particularly unregulated swaps, were at the core of blowing up the financial system in 2008, from Bear Stearns and Lehman Brothers to AIG and Goldman Sachs. They inflicted massive economic harm and pain on tens of millions of Americans, many of whom are still suffering from un- and under-employment, low wages, student loans, bad credit records, underwater homes and so much more. Regulating the derivatives markets was key to making sure that never happened again and that’s why the creation of Swap Execution Facilities (SEFs) are so important.
“Unfortunately, the Wall Street derivatives dealers club, protecting their profits and oligopoly, has opposed and frustrated the implementation of sensible derivatives reforms including SEFs. The CFTC proposed a massive new rule (more than 723 pages with 106 questions), claiming it would improve regulation, but which would mostly make matters much worse. Compounding that error, the CFTC also proposed only giving the public a mere 75 days to comment. Because the public deserves better, Better Markets requested an extension of the SEF comment period, due to the proposal’s length, complexity and importance. CFTC Chair Giancarlo is to be applauded for granting an extension on the comment period and allowing the rule to receive additional analysis and attention.”
[You can read our full letter asking for the extension here]
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.