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November 17, 2011

Glacial Reform – CFTC budget starved

The politicians responsible for the CFTC budget are refusing to give Gary Gensler a single cent more in funding, in respect of all their new responsibilities to regulate the OTC market. Hence the glacial progress on creating and approving the new rules won’t speed up.
Commentators are predicting no end to the rule making before late 2012, which is also the year Obama is up for re-election ( a year from now ) which will remove any mandate the Democrats have to push the regulatory changes forward. The republicans have always been against Dodd Frank, so may seize the chance to actually unwind some of the provisions in the Act, if they gain control of the White House and/or Congress.

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