Remarks Of CFTC Chairman Gary Gensler, Over-The-Counter Derivatives Reform, Energy Bar Association

Good afternoon. Thank you for inviting me to be with you. I’d like to thank Phil Johnson for introducing me this morning. As former Chairman of the CFTC, Phil worked with former Securities and Exchange Commission Chairman John Shad to create the Shad-Johnson Accord – or as we like to call it at the CFTC, the Johnson-Shad Accord – that clarified jurisdictional issues in the regulated securities and derivatives markets. It’s a pleasure to be with you today, Phil.

I also want to thank the CFTC staff who is participating on panels and hopefully providing some good insight into what we are working on at the agency.

The 2008 financial crisis left us with many lessons and many challenges to tackle. Though there were certainly many causes of the crisis, I will focus my remarks today on the need to regulate over-the-counter derivatives.

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