July 15, 2010
By Michael R. Crittenden And Victoria Mcgrane
With the Senate poised to approve the most significant overhaul in financial regulations in decades, the Commodity Futures Trading Commission is emerging as a winner.
The legislation likely to pass the Senate on Thursday would make the relatively small agency—it employs only 600—the top cop for the $300 trillion U.S. derivatives market. CFTC Chairman Gary Gensler tenaciously lobbied for the agency, which was fighting for its life not long ago, and successfully tapped the CFTC's congressional overseers for their support.
The agency won a variety of items on its "wish list," including power to combat disruptive trading practices and more leeway to pay whistle-blowers. Most important, perhaps, lawmakers gave the agency freedom to interpret many of the rules it is charged with writing…
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Last Updated: August 5, 2010