Chairman Lucas, Ranking Member Peterson and Members of the Committee:Thank you for the opportunity to testify today.
In the nearly five years since the onset of the financial crisis, significant progress has been made in building a more robust financial system and a safer, more transparent over-the-counter (OTC) derivatives markets. Rule making is effectively a two stage process. First, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) created a legal framework for reform, and then the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have been charged with responsibility for creating marketrules, effectively the implementation of the Act. Through this mechanism, a greatdeal of progress has been made towards a safer more robust financial system.
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