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SPEECHES & TESTIMONY

  • Opening Statement, Meeting of the Commodity Futures Trading Commission

    Chairman Gary Gensler

    November 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:

      • Protections of collateral of counterparties to uncleared swaps before and after commodity broker bankruptcies;

      • An advanced notice of proposed rulemaking regarding protections of collateral for uncleared swaps customers before and after commodity broker bankruptcies.

      • Requirements and duties of swap data repositories;

      • Real time public reporting requirements of swaps transactions; and

      • Recordkeeping and reporting requirements for swaps entities.

    Before we hear from the staff, I’d like to thank Commissioners Mike Dunn, Jill Sommers, Bart Chilton and Scott O’Malia for all their thoughtful work to implement the Dodd-Frank Act. 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.

    This is the fifth public meeting to consider Dodd-Frank rulemakings. Including today’s actions, I anticipate that we will have published two final rules, proposed 22 rules and published four advanced notices of proposed rulemaking. We currently plan to have three more public meetings in December. Our next meeting to consider Dodd-Frank Act rulemakings is planned for December 1. We will announce the rulemaking proposals that the Commission will consider at least one week before the meeting.

    I would like to thank the staff for all of the work that they have put into drafting the rulemakings we are considering today. I thank them for their thoughtful recommendations 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: November 19, 2010



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