Chairman Gary Gensler's Testimony Before the U.S. Senate Committee on Agriculture

CFTC Chairman Gary Gensler testified before the US Senate committee on Agriculture concerning swaps, LIBOR and the Peregrine Financial Group affair. Chairman Gensler repeated his standard message concerning the regulation of swaps under Dodd-Frank, transparency reforms, progress on central clearing for the swaps market, regulating swaps dealers, market integrity and implementing reforms on the cross-border swaps market. Chairman Gensler also reviewed the CFTC's settlement with Barclays on LIBOR. On the topic of the failure of Peregrine Financial Group, Chairman Gensler made clear that any regulatory misses had not been the fault of the CFTC. In particular, he identified the NFA as the entity "responsible for front-line oversight" and made clear that the CFTC's obligations with respect to inspections of FCMs was largely limited to "review [of] the SROs work papers on a limited number of FCMS each year.

View release in full here(links externally to CFTC website).