Before the Senate passed the landmark financial services reform bill Thursday afternoon, July 15, Commodities Futures Trading Commission (CFTC) Chairman Gary Gensler spoke to a packed auditorium at the SIFMA Regulatory Reform Summit in New York.
Gensler has organized CFTC staff into “30 topic areas” that, if the reform bill passes, will require action by the Commission.
Derivatives and swaps are a central area of the reforms in the bill, so Gensler’s agency will be a big player. They will make rules with other agencies, including the SEC. SEC Chairman Mary Schapiro and Gensler have worked together before, most recently on the investigation of the flash crash of May 6.
The CFTC has 55 actions to take according to SIFMA’s talley, and firms have a lot of questions about how the legislation will be implemented.
Gensler says CFTC actions will be guided by two principles: they “intend to comply fully with the statute’s provisions (300 pages),” and “will consult heavily with other regulators and the public.”