Opening Statement, Meeting of the Commodity Futures Trading Commission

Chairman Gary Gensler

January 13, 2010

Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission to consider issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding:

  • Position limits for physical commodity derivatives, which is the pending business before the Commission; and
  • Swap trading relationship documentation requirements for swap dealers and major swap participants.

Before we hear from the staff, I’d like to wish everyone a happy new year. I’d also like to take this opportunity to congratulate Commissioner Mike Dunn on his 25 years of service to the Federal Government. Mike is a trusted colleague who works incredibly hard in service to the American public at the CFTC. He also has served at the Farm Credit Administration, Department of Agriculture and the Senate Agriculture Committee under Senator Patrick Leahy’s chairmanship. He has been nominated by presidents from both parties and confirmed by the U.S. Senate six times for roles in the government. I am honored to work with Mike and to call him my friend.

I thank Commissioner Dunn as well as Commissioners Jill Sommers, Bart Chilton and Scott O’Malia for all their thoughtful work to implement the Dodd-Frank Act.

I’d also like to take a personal moment to honor my wife on her birthday. We lost Francesca nearly five years ago, and our three daughters and I miss her very much. Francesca was a beautiful woman with an incredible sense of style and grace. She is no longer physically with us, but my thoughts and love are with her on her birthday.

Now I will return to the business of today’s meeting. I’d 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 ninth public meeting to consider Dodd-Frank rulemakings. Our next meeting will be on January 20, and we will schedule additional meetings in February. We will announce the rulemakings that the Commission will consider at least one week before those meetings.

The staff has worked very hard on the rulemakings that the Commission is considering today. They will present 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 all of 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.

Thank you.

Last Updated: January 13, 2011