The Commodity Futures Trading Commission, under the leadership of Gary Gensler, has long been seen as the most aggressive regulator in terms of passing rules mandated by the 2010 Dodd-Frank financial overhaul.
No more. Rule making at the CFTC has slowed sharply in recent months amid internal squabbling, lobbying pressure from the financial industry and the sheer complexity of the rules themselves….
Earlier this week, Mr. Gensler delayed until May a meeting at which the commission was widely expected to vote on rules related to swap-execution facilities, or SEFs, amid a continuing dispute, according to a people familiar with the commission's deliberations….
After holding 28 public votes in the first two years after Dodd-Frank passed, the CFTC hasn't held any public votes since last July. Instead, the agency has held several closed-door votes on issues related to implementation and issued a flurry of exemptions, delays and clarifications granting regulatory relief, often temporary, to industries covered by rules it has already passed. In December alone, the agency issued 30 notices clarifying a set of rules related to swaps trading.
You Will Have Gary Gensler to Kick Around (For a While)
President Obama has decided that CFTC chief Gary Gensler, unlike most of his first-term economic team, is worth keeping around. Gary Gensler agrees. Now if only they could figure out in what capacity.