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SPEECHES & TESTIMONY

  • Opening Statement, Meeting of the Commodity Futures Trading Commission

    Chairman Gary Gensler

    October 19, 2010

    Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission to consider issuance of the following proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act:

    • Definition of “agricultural commodity”;
    • Large trader reporting for swaps on physical commodity;
    • Preventing certain business affiliate marketing and establishing other consumer information protections under the Fair Credit Reporting Act; and
    • Expanding scope of privacy protections for consumer financial information under the Gramm-Leach-Bliley Act.

    This is the second public meeting we have had to consider rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Our next meeting will be on October 26, in which the Commission will consider six proposed rules on anti-manipulation, disruptive trading practices, rule certification under Part 40 of our regulations, alternatives to credit ratings, associated revisions to our 1.25 regulations and process of review of swaps for clearing.

    Before we hear from the staff, I’d like to thank my fellow Commissioners for all their hard work on the Dodd-Frank Act and all of our existing authorities. I’d also like to welcome members of the public, market participants and members of the media to today’s meeting, as well as welcome those listening to the meeting on the phone or watching the live webcast.

    I would like to thank the staff for all of the work that they have put into drafting the four rulemakings we are considering today. I thank them for their thoughtful recommendation for how the Commission can best comply with its statutory obligations under the Dodd-Frank Act.

    We look forward to receiving public comments on the proposed rules we are considering today. Each of the rules, as well as fact sheets and “Questions and Answers” on the rules, will be posted to our website shortly.

    Before we turn to staff presentations, would any of my fellow commissioners like to make opening statements?

    Last Updated: October 19, 2010



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