Chairman Gensler's Departing Remarks (with Lofchie Comment)

Chairman Gary Gensler delivered remarks on his departure from the CFTC. Chairman Gensler thanked the staff for their service, saying, "how darn proud I am. . . ."

Lofchie Comment: Chairman Gensler's remarks were laudatory of both his time spent with, and the service of, the staff and Commissioners at the CFTC. Chairman Gensler said that the public would be fortunate if his successor were President Obama's nominee, Tim Massad. Chairman Gensler did not, however, address the problems that will be faced by the next Chairman, including the litigation over the CFTC's cross-border guidance, the likelihood of litigation over the CFTC's position limits rule, and that the CFTC has issued over 80 no-action letters during the past year, many of them to address problems in CFTC rulemaking. Nor did the outgoing Chairman address such practical problems as the flaws in its collection and transmission of financial information. Chairman Gensler's successor will have to deal with implementing numerous rules that have been too hastily drafted to be workable. He will either have to improve the Agency's rulemaking process or find a way to continue and defend those adopted rules that appear vulnerable to legal challenge.

See: Chairman Gensler's Closing Remarks.