CFTC Acting Chair J. Christopher Giancarlo testified before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry ("Committee") in a hearing convened to consider his nomination for CFTC Chair. In his statement, the Acting Chair outlined three major regulatory priorities:
Mr. Giancarlo also explained that his support for these reforms is "not based on academic theory or political ideology," but on "practical experience." In that spirit, he vowed to prioritize practical regulation:
"[I]f confirmed, I will serve the CFTC's regulatory mission in a way that best fosters broad-based economic growth and American prosperity. In order for all segments of our economy to flourish, we need thoughtful rules and regulations that encourage participation and innovation in our markets. The CFTC must promote policies that do not needlessly impinge on the ability to hedge against adverse price moves. We must provide all market participants with legal certainty and regulations whose benefits unambiguously justify their costs."
On June 22, 2017, the United States Senate Committee on Agriculture, Nutrition and Forestry will hold a hearing to discuss the nomination of J. Christopher Giancarlo as Chair of the CFTC.
The CFTC launched "LabCFTC," an initiative designed to "promot[e] responsible FinTech innovation to improve the quality, resiliency, and competitiveness of the markets the CFTC oversees."
Risk Desk editor John Sodergreen summarized Project KISS, the CFTC's regulatory reform initiative and the approach to it by CFTC Chief of Staff Mike Gill.