17 August 2017
Find out more

CFTC Commissioner Chilton hits out at proposals to delay financial reform

18 April 2011  |  8722 views  |  0 Washington, capitol hill

CFTC Commissioner Bart Chilton has hit back at Republican plans to delay for 18 months all rulemakings involving derivatives under the Dodd-Frank financial regulation law.

Four Republican lawmakers on the Financial Services and Agriculture committees are pressing for legislation to extend the deadlines for fear that the reforms could weaken US market during a time of economic recovery.

While the prospects of the proposals being passed are small, CFTC Commissioner Chilton says such legislation is not needed.

"Regulatory reforms are important to implement correctly, but they are also time-sensitive," he says. "Hundreds of trillions of dollars in trading remain completely unregulated. It is exactly this "dark" trading that helped lead to a hideous bail-out paid for by taxpayers."

While acknowledging that regulators may be unable make every deadline required under the reform bill, Chilton adds: "The urgency Congress has already placed on getting reforms implemented is just as important today as it was when this good and needed legislation became law."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

OTC derivatives market reform stalling - FSB

OTC derivatives market reform stalling - FSB

18 April 2011  |  10762 views  |  0 comments
US regulators win bigger budgets

US regulators win bigger budgets

13 April 2011  |  5595 views  |  0 comments
Watchdogs warn on risk data deficiencies

Watchdogs warn on risk data deficiencies

05 January 2011  |  8176 views  |  0 comments
US lawmakers drop plans for interchange reforms in 2010

US lawmakers drop plans for interchange reforms in 2010

26 February 2010  |  8141 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10540 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9946 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9918 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8263 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7721 views 0 | 1 tweets | 8 linkedin