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Executive Summary

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Since the passage of the CEA, the CFTC and its predecessor agencies have been responsible for ensuring the fair, open and efficient functioning of futures markets. After the 2008 financial crisis, and the subsequent enactment of the Dodd-Frank Act, the CFTC’s mission expanded to include oversight of the swaps marketplace. The Dodd-Frank Act will─ for the first time─ bring comprehensive regulation to the swaps marketplace. Derivatives dealers will be subject to robust oversight. Standardized derivatives will be required to trade on open platforms and be submitted for clearing to central counterparties, all of which will be subject to Federal regulation and supervision.

Some of the CFTC’s expanded authorities will be consistent with our current authorities but expanded to also include swaps. Some will be new responsibilities, such as regulating swap dealers, SEFs and SDRs.

The CFTC is actively writing rules to implement the Dodd-Frank Act. The statutory deadline for completion of our rules is generally within 360 days of the bill’s enactment, or July 15, 2011. In FY 2012, the CFTC will require resources to execute these new rules.

Staff will be required to oversee swap dealers, the clearing of swaps and the trading of swaps on exchanges or SEFs. These new responsibilities are in addition to the agency’s existing mission of policing the futures marketplace. The Commission faces growing and significant challenges. We must be adequately prepared to meet them. This requires additional resources to fulfill staffing and technology needs.


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