Testimony before the House Committee on Agriculture

CFTC Testimony

Remarks of Chairman Gary Gensler

February 10, 2011

CFTC Chairman Gary Gensler testified before the House Committee on Agriculture and spoke on the agency's implementation of Dodd-Frank. He observed that the CFTC has thus far proposed rulemakings in 26 of the 30 areas established last July, and still must propose rules on capital and margin requirements, product definitions (jointly with the SEC) and the Volcker Rule.

Gensler also discussed the issue of end user margin: "Transactions involvng non-financial entities do not present the same risk to the financial system as those solely between financial entities. . . proposed rules on margin requirements should focus only on transactions between financial entities rather than those transactions that involve non-financial end-users."

Cross References

Dodd-Frank Act, Title VII, Secs. 723(a)(7) 731; new CEA Secs. 2(h)(7) 4s(e)(3)(A)

CWT C&F Memo: Regulation of End Users of Swaps Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (July 2010)