CFTC needs “Plan B” for costly swaps rules
CFTC Commissioner Scott O'Malia stated that the agency needs to consider a "Plan B" on how it will police the $600 trillion swaps market if Congress fails to deliver a 50 percent increase in its budget. "We may not get more dollars, so what are we going to do next? What's our Plan B?" said Scott O'Malia, a Republican commissioner on the CFTC, in an interview with Reuters.
O'Malia also expressed support for an extension of the deadlines imposed by Dodd-Frank and expressed skepticism that the agency will define "disruptive practices" prohibited by that Act with any degree of precision.
Publication
Reuters
Date
January 3, 2011
Cross References (links require a Cabinet subscription)
Dodd-Frank Act, Title VII