Concurrence to Testimony of Chairman Gary Gensler before the U.S. Senate Committee on Agriculture, Nutrition and Forestry
Commissioner Scott D. O’Malia
June 15, 2011
I concur with the Chairman’s testimony. However, I have repeatedly and strongly urged the Commission to publish in the Federal Register for notice and comment both a schedule outlining the order in which it will consider final rulemakings made pursuant to the Dodd Frank Act and an implementation schedule for those rulemakings. I am disappointed that when the Commission recently issued a notice in the Federal Register providing for an additional 30-day comment period on most of the Dodd-Frank rule proposals, it did not take the opportunity to be fully transparent with the market by providing a proposed schedule for final rule implementation. Making the process as transparent as possible will accelerate implementation because participants will be able to plan ahead and make the technology and staffing investments necessary to comply with the rules. As a result, I am once again requesting that the Commission provide participants with a complete implementation schedule proposal.
Last Updated: June 15, 2011