CMC Continues its Push on the CFTC’s “Tape Recording” Rule

In our continuing effort to increase awareness of the onerous “tape recording” rule promulgated by the CFTC (see the letter for details), CMC staff is active in the process of setting up meetings with House and Senate Agriculture Committee staff on both sides of the aisle. In addition, we have discussed the issue with the CFTC and plan to meet with them in early September. Several media organizations such as Platts, Reuters, The Hill and Financial Times, among others, have been apprised of the issue and CMC’s position on it. Furthermore, we are collaborating with other trade associations in formally and informally commenting on this topic, which will help in multiplying CMC’s voice among the regulatory and legislative community.

This is another instance of Dodd-Frank Title VII rulemaking that is ill conceived and inadequately analyzed by the regulators. A thorough cost-benefit analysis, if conducted by the relevant officials, will doubtless find that the substantial costs of this proposed rule far outweigh the limited benefits that may accrue from it.

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