Opening Statement of Commissioner Michael V. Dunn

September 2, 2009

Thank you Chairman Gensler and Chairman Schapiro. This is truly a historic day for both the CFTC and the SEC and one I am proud to take part in. Since I arrived at CFTC in 2004, I have called for public meetings between our two agencies so that we could together discuss, analyze and tackle problems facing this country’s financial markets. Most importantly, in my opinion, is the need to identify gaps in our regulatory schemes that put consumers and our economy at risk. Once identified, it is imperative that we work jointly and quickly to address these shortcomings.

While the markets and products we each regulate are more different than similar, it is each agency’s mission and duty to ensure that these markets function properly and are free from fraud and abuse. I believe everyone recognizes the fact that, for a small number of financial instruments, the once clearly delineated lines between what is a commodity and what is a security have been blurred. On June 17, 2009, President Obama called on our agencies to recommend changes to the laws we oversee to eliminate regulatory differences between similar types of financial instruments. I hope our meetings over the next two days allow us to identify the instruments and differences described by the President, but more importantly, I hope that these meetings provide the groundwork for a new era of cooperation between our agencies.

I would like to thank all the witnesses in advance for appearing before such a large and inquisitive group of policy makers. I look forward to hearing your testimony and appreciate the service you are providing to both our agencies. I greatly appreciate the efforts that the staffs at both the CFTC and SEC have put into making this meeting a success. As with prior meetings and hearings, my commitment to you is to listen with an open mind to your thoughts on everything we discuss. Thank you.

Last Updated: June 10, 2010