News Article The Dodd-Frank Act's "unrealistic" July deadline for rules to govern the swaps market may undermine regulators' efforts to increase transparency and reduce risk, Commodity Futures Trading Commission member Scott O'Malia said in a New York speech. "The tight one-year implementation time frame for Dodd- Frank may encourage some to ignore the fundamental preferences of swaps market participants and do a regulatory cut-and-paste job," O'Malia, a Republican, said today in remarks prepared for a Tabb Forum conference. Publication Bloomberg Date January 25, 2011 Cross References (links

News Article Representative Barney Frank, the top Democrat on the House Financial Services Committee charged that "Republicans are attempting to cripple regulation by failing to fund it." Frank said he hoped Republicans, specifically those backed by the Tea Party, would support the idea of increased funding for the regulators. Publication Bloomberg Date January 25, 2011 Cross References (links may require a Cabinet subscription) Dodd-Frank Act, Title VII

CFTC Speeches CFTC Commissioner Scott O'Malia discusses implementation of Dodd-Frank observing that the , the Commission has issued so far r four Advance Notices of Proposed Rulemaking, 33 Notices of Proposed Rulemaking, two interim rules, one order, one notice, and two requests for comment pursuant to the Dodd-Frank Act, equating to 732 Federal Register pages. He expresses concerns about the cost of clearing and warns that "we are concentrating market risk in clearinghouses to mitigate risk in other parts of the financial system." O'Malia also criticizes a proposal to a new margining regime

Securities Exchange Commission The SEC has voted to propose amendments to the accredited investor standards in its rules under the Securities Act to reflect the requirements of Section 413(a) of the Dodd-Frank Act. The proposed amendments would exclude the value of an individual's primary residence in calculating net worth when determining accredited investor status. The amendments also would clarify the treatment of any indebtedness secured by the residence in the net worth calculation. Document Number File No. S7-04-11 Date January 25, 2011 Cross References (links may require a Cabinet

International Swaps and Derivatives Association ISDA has submitted comments in response to he proposed regulations CFTC in accordance with section 4s of the CEA (added to the CEA by the Dodd-Frank Act,, with respect to the registration of swap dealers and major swap participants. Date January 24, 2011 Cross References (links may require a Cabinet subscription) Section 4s of the CEA