Release Number 7555-17
May 3, 2017
CFTC Requests Public Input on Simplifying Rules
“Project KISS” Enters New Phase
Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) voted today to seek public input on simplifying and modernizing the Commission’s rules. CFTC Acting Chairman J. Christopher Giancarlo initially announced Project KISS, which stands for “Keep It Simple, Stupid,” in March as an agency-wide internal review of CFTC rules, regulations and practices to identify those areas that can be simplified to make them less burdensome and less costly.
Today, the CFTC is seeking ideas from industry, other stakeholders and interested parties, and the broader public on where the CFTC rules can be simplified and made less costly to comply. Mr. Giancarlo cautioned, however, that this exercise is not about identifying existing rules for repeal or even rewrite. It is about taking CFTC’s existing rules as they are and applying them in ways that are simpler, less burdensome and less of a drag on the American economy.
“At times the CFTC rules are unnecessarily complex, and the harder they are to understand and costly to follow, the less dynamic and vibrant these markets become. When that happens, goods we buy like groceries, heating oil and airline tickets get more expensive because their production prices cannot be easily hedged,” said Acting Chairman Giancarlo. “Industry will still have to comply with CFTC rules and Congressional laws, but we need to be able to do so in a way that makes sense and reduces regulatory burdens.”
On February 24, 2017, President Trump issued an executive order furthering his regulatory reform agenda to stimulate economic growth. The President’s executive order directed federal agencies to designate a Regulatory Reform Officer and establish a Regulatory Reform Task Force. While the CFTC is not directly covered by the President’s order, Mr. Giancarlo said the agency will review all CFTC rules with the ultimate goal to reduce regulatory burdens and costs for participants in the markets the agency oversees. Mr. Giancarlo designated Chief of Staff Michael Gill as CFTC’s Regulatory Reform Officer, who has been leading Project KISS and the work of the taskforce within the agency. Any rule change recommendations will be pursuant to the provisions in the Administrative Procedures Act. All comments and submissions will be posted on cftc.gov; however, unsigned or inappropriate comments will not be posted.
Last Updated: May 3, 2017