Today, Michigan Senator Debbie Stabenow, Chairwomen of the U.S. Senate Committee on Agriculture, Nutrition and Forestry, said new rules developed by the Commodiy Futures Trading Commission (CFTC) governing financial markets must protect consumers and maintain confidence in the markets, reflecting congressional intent.
The CFTC, yesterday, June 14, decided to delay rules scheduled to take effect in mid-July would be delayed until the end of the year.
Certain derivatives-related requirements were mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to automatically take effect on July 16, on the assumption that the CFTC would have completed writing certain rules. The CFTC have fallen behind in the rule-writing.
In her opening statement, Senator Stabenow stated that "while we do not want to unnecessarily delay important reforms, those enforcing reform must take the time to get the rules right and ensure a level playing field internationally."
For more information and to read Senator Stabenow's opening statement, click here.
Posted: 6/15/11
