Thousands of Pages to Go Before We Sleep

Commentary

February 8, 2011

Page 6

CFTC and Dodd-Frank items on pp. 4-5

Interview with CFTC Commissioner Bart Chilton, excerpts:

Regarding DF deadlines: "The law is the law," Chilton chimes in. "We have deadlines. If lawmakers want to change the law, fine. I don't think they will. Until then, we move forward."

Regarding cuts in CFTC funding: "I don't think the cut in funding will stop us from writing the regs. The lack of funding will only hurt surveillance and enforcement of the new rules. So, in a year's time, it may be against the law to do something, we just may not be able to enforce it. Like speed limit signs and no cops to hold the speed gun and write the tickets. I'm not quite sure who that scenario benefits."

Regarding his own knowledge of OTC markets: "I was surprised by what I didn't know. GFI [a prominent OTC derivatives broker] and others like them were always in OTC land. Why would I know about what they do? Well, these are big dynamic operations, not just a couple guys in a back room with a phone. I don't think we have a full appreciation of the OTC markets

yet."

Cross References

Dodd-Frank Act, Title VII