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The Next Chapter for Derivatives Regulation 

December 18, 2013
Editorial Board, New York Times

Under the Dodd-Frank financial reform law, the Commodity Futures Trading Commission, a five-member panel of three Democrats and two Republicans, has an all-important role in regulating the multitrillion-dollar market in derivatives.

Since the passage of Dodd-Frank in 2010, the C.F.T.C. has put in place dozens of generally sound new federal rules — on transparency and oversight — against nearly impossible odds, including relentless lobbying by big banks resisting regulation and severe Republican-driven budget shortfalls that have required tireless work from a skeletal staff. Though much work remains, credit for the progress that has been made largely goes to the commission’s chairman, Gary Gensler, a Wall Street derivatives expert-turned-reformer, chosen by President Obama in 2009, and Commissioner Bart Chilton, a Democrat and a firm reform advocate, chosen by President George W. Bush in 2007 and renominated by Mr. Obama in 2009.

Read more: New York Times

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