October 10, 2022

CFTC Commissioner Goldsmith Romero Makes Case for Stronger Reporting Requirements

CFTC Commissioner Christy Goldsmith Romero decried the unchecked Wall Street's risk-taking that required Treasury ("TARP") bailouts in the past, and she highlighted the need for regulators to reduce "systemic or sub-systemic" risk.

In remarks before the ABA Derivatives and Futures Law Committee, Ms. Goldsmith Romero said that strong regulatory reporting brings transparency to previously unidentified risks, which helps the CFTC "reign in risks seemingly removed from [consumers'] day-to-day lives—but that can jeopardize their livelihoods." In particular, Ms. Goldsmith Romero highlighted recent CFTC actions revisiting the reporting framework for private funds, and enforcement actions against swap market participants for transaction reporting violations.

Ms. Goldsmith Romero stressed the role of the CFTC in ensuring that markets work well for "hardworking families . . . and small businesses." She encouraged further action by the CFTC to study trading in stressed markets, saying that studies of this nature would boost public and market confidence.

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