August 11, 2010
First and foremost I would like to recognize the importance of this Committee and thank each of the members for the time and effort that you have given to the CFTC, SEC and to the cause of promoting market stability and transparency. Today, we have heard panel members state that the events of May 6th not only can be repeated, but that they actually expect it to happen. Hopefully, review and adoption of this Committee’s recommendations will go a long way to alleviate these concerns. To all the Committee members, it is clear that Chairs Gensler and Shapiro have recruited the best and brightest to serve and I again thank you for your work and look forward to your recommendations and findings.
Since I came to the CFTC in 2004, I have been a strong advocate for the CFTC and SEC to regularly meet and discuss issues of common interest between the Commissions. I am very pleased that the current Chairs of these agencies are doing exactly what I have longed hoped for. The events of May 6 not only sent shockwaves across the investing landscape, they also highlighted the need for all financial regulators to work collaboratively to insure that the markets are functioning properly.
I am also pleased that the Dodd-Frank Bill recognizes the importance of CFTC-SEC cooperation and mandates that we meet and work together to insure that both the commodities, securities and derivatives markets are stronger, more transparent, and more stable than in the past. Chairman Gensler and staff have already begun this consultative process and over the next year each agency will be working together on a daily basis to insure that the dictates of the financial reform bill are met. I look forward to future joint public meetings with the SEC for reports on how our consultations and rulemaking progress are proceeding. To the extent that the rules we are crafting are influenced or shaped by other financial regulators, it is my hope that they too will meet with us in a public setting to discuss their ideas and interests.
Lastly, I would like to thank the staff of this agency for all the work it is doing and has been asked to do in the next 360 days. Despite years of underfunding that has only recently been addressed, the staff at the CFTC has continually proven that when presented with a mandate, they will work tirelessly and efficiently to do what is asked and needed. Chairman Gensler has an aggressive agenda for the CFTC over the next year, and I look forward to working with him to insure that the CFTC makes whatever changes are necessary to itself and the marketplace to apply the appropriate level of quality regulation to our industry.
Last Updated: August 11, 2010