SPEECHES & TESTIMONY

Statement of Commissioner Dan M. Berkovitz on Final Rule to Amend the Rulemaking Procedures in Part 13 of the Commission’s Regulations

December 10, 2019

I support the final rule to eliminate the obsolete provisions in part 13 of the Commission’s regulations that specify procedures for Commission rulemakings.  Part 13, adopted by the Commission more than 40 years ago, does not conform fully to the rulemaking procedures required by the Administrative Procedure Act (“APA”) and followed today by the Commission. The repeal of these procedures will avoid potential confusion regarding the Commission’s rulemaking process.

Notice and comment rulemaking pursuant to the APA relies on a transparent process and an informed public that is able to participate in agency rulemakings.  In conjunction with today’s final rule, the Commission is posting on its website a plain-English summary of its rulemaking process. 

I am particularly pleased to see that in response to public comments, the preamble to the final rule affirms the Commission’s commitment to transparency during the rulemaking process.[1]  Specifically, the Commission affirms its policy to post on its website notice of all ex parte meetings held on proposed rules, as well as any significant material information received in such communications.  I strongly support these policies, which promote transparency, and aid the public’s understanding of, and participation in, the Commission’s rulemakings.   

In addition, the final rule also preserves the public’s right to petition the Commission for the issuance, amendment, or repeal of a rule.  It incorporates comments received in response to the proposed rule by allowing for the electronic submission of such petitions through the Commission’s website.  The preamble to the final rule also establishes a Commission policy of posting petitions for rulemaking on the Commission’s website.  Each of these measures is a valuable addition to the transparency and accessibility that the public deserves when interacting with the Commission.

 

[1] See Letter from Better Markets to CFTC, Re: Public Comment on Public Rulemaking Procedures (RIN Number 3038-AE90), October 21, 2019).