I look forward to hearing our witnesses’ views on the areas that need more work, particularly what they feel would be the most appropriate role for Congress to support Chairman Massad in his efforts to coordinate the CFTC’s rules with those of foreign regulators.
Opening Statement by Agriculture Committee Ranking Member Collin C. Peterson
Dodd-Frank Turns Five
--As Prepared for Delivery--
“Thank you Mr. Chairman, and thank you to this panel of witnesses for being here.
“It has been about seven years since the financial crisis, and five years since this Committee finished our work on Title Seven of Dodd-Frank. In that time, the CFTC has finished 50 of the 60 rules required by Title Seven. Central clearing, margin, and price transparency are now the rule, rather than the exception, in the swaps market. As a result of Title Seven, the derivatives markets as a whole are now much safer for end-users, consumers, market participants and taxpayers than they were seven years ago.
“Still, there is much work to be done.
“I look forward to hearing our witnesses’ views on the areas that need more work, particularly what they feel would be the most appropriate role for Congress to support Chairman Massad in his efforts to coordinate the CFTC’s rules with those of foreign regulators. I think he has been a good leader in that effort. I do want to make sure though that whatever action we take doesn’t muck up the Chairman’s progress.
“I also want to hear your views on how we can help to improve Dodd-Frank’s trade data reporting regime. Reporting is very important, and non-controversial, but it is no secret that it isn’t working as well as it should. That’s something we need to address.
“So, again, thank you Mr. Chairman. I yield back.”
