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  • Risk Management Supervision Of Designated Clearing Entities

    Date 21/07/2011

    DCEs provide multilateral clearing and settlementservices and risk management services to their par-ticipants covering a wide range of securities and derivatives transactions. DCEs play a vital role in the proper functioning  of financial markets and are increasingly important given the mandated central clearing of certain swaps and security-based swaps that is required by the Act. DCEs reduce risk and improve efficiency for their participants and the broader  financial system. At the same time, DCEs inherently concentrate and transform risks and, thus, must be well-designed and operated  in a manner that supports  the stability of the broader  financial system.

  • Testimony Before The U.S. House Committee On Agriculture, Washington, DC, CFTC Chairman Gary Gensler

    Date 21/07/2011

    Good afternoon Chairman Lucas, Ranking Member Peterson and members of the Committee. I thank you for inviting me to today’s hearing on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). I am pleased to testify on behalf of the Commodity Futures Trading Commission (CFTC). I also thank my fellow Commissioners and CFTC staff for their hard work and commitment on implementing the legislation.

  • Statement By New York Attorney General Schneiderman On The Launch Of The Consumer Financial Protection Bureau

    Date 21/07/2011

    Attorney General Eric T. Schneiderman released the following statement today on the launch of the federal Consumer Financial Protection Bureau.

    “Our office welcomes the opening of the federal Consumer Financial Protection Bureau, and we look forward to working closely with the agency to advance the financial best interests of New York’s consumers. Nearly three years after the financial crisis dragged the economy into recession, there is much work to be done to restore confidence in the markets for everyday people, businesses and investors. As a watchdog holding financial institutions accountable for wrongdoing, the CFPB will play a critically important role in developing a regulatory framework that ensures consumers are protected, and our economy is not vulnerable to another financial meltdown. It is now up to the Senate to expeditiously confirm Richard Cordray as CFPB's Director, so that the bureau can fulfill its full mandate under the law.”

  • Testimony Before The U.S. Senate Committee On Banking, Housing And Urban Affairs, Washington, DC, CFTC Chairman Gary Gensler

    Date 21/07/2011

    Good morning Chairman Johnson, Ranking Member Shelby and members of the Committee. I thank you for inviting me to today’s hearing on the one-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act. I am pleased to testify on behalf of the Commodity Futures Trading Commission (CFTC). I also thank my fellow Commissioners and CFTC staff for their hard work and commitment on implementing the legislation.

  • Speech By SEC Chairman Mary L. Schapiro: Remarks Before The Financial Stability Oversight Council Meeting

    Date 21/07/2011

    After one year, it’s already clear that the Dodd-Frank Act is reshaping the regulatory landscape, filling gaps, reducing systemic risk, and helping to restore confidence in the financial system. And it is beginning to strengthen the financial system so it is less prone to a financial crisis.