Remarks of Commissioner Jill Sommers before the Electric Utility Consultants, Inc., Conference on the Impact of Dodd-Frank on Energy Markets, Washington, DC

CFTC Speeches

April 26, 2011

Commissioner Sommers talks about the broad scope of statutory definitions of swap dealer, etc. under Dodd-Frank and the "very limited" exemptions being proposed. "While only a handful of entities will likely be classified as major swap participants, the breadth of the proposed swap dealer definition will capture many participants that in my opinion should not be considered dealers. Moreover, the de minimus exemption is so narrow that it is unlikely to have much utility."

She also discusses the extraterritorial application of Dodd-Frank that threatens to involve "regulating transactions that are international in scope but only tangentially related to U.S. markets."

Cross References

Dodd-Frank Act, Title VII