CMC Voices Opinion on CFTC’s Dodd-Frank Rulemaking Process at Regulatory Improvement Council (RIC) Event

Earlier this week, CMC was invited to participate in an event organized by RIC, where we spoke about our concerns with the CFTC ‘s onerous and burdensome regulations, which result in part from their deviation away from their erstwhile principles-based regulatory approach.

AT RIC’s request, CMC is taking the lead in forming a working group within RIC to focus on derivatives and other Dodd-Frank topics. To that end, CMC and RIC plan to work together to organize a symposium on these subjects, where other trade associations, companies and Capitol Hill staff will be invited to attend and participate on panels.

At the RIC meeting this week, CMC also circulated a preliminary draft of a letter we plan to send to the Office of Management and Budget (OMB) next week, in which we write about our support for Commissioner O’Malia’s letter sent a few weeks ago to OMB, wherein he discusses the inadequate and perfunctory cost-benefit analyses being conducted by the CFTC in its rulemaking process. We solicited support on our letter from other trade associations and companies, and are awaiting their responses.

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