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CFTC Acting Chair Giancarlo Testifies at Nomination Hearing

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:

  • Market health: Mr. Giancarlo affirmed his commitment to "foster[ing] open, transparent, competitive, and financially sound markets" and asserted that he had already begun the process of devoting more resources to ensuring the efficient enforcement of rules and regulations.
  • Economic growth: Mr. Giancarlo stated that the CFTC must work to keep up with a constantly evolving technological landscape, and highlighted the LabCFTC initiative as one of the ways in which the CFTC seeks to stay current and adapt to emerging technologies. Mr. Giancarlo noted that effective regulation of derivatives clearinghouses will be a future point of emphasis for the CFTC.
  • Regulatory burdens: Mr. Giancarlo singled out Project KISS as an example of the kind of initiative that the CFTC launched in an effort to reduce regulatory burdens and combat excessive regulation. He voiced his commitment to improving operational efficiency and resource management in order to decrease the number of burdens on taxpayers.

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."

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