Gary Gensler, chairman of the US Commodity Futures Trading Commission, has outlined three phases for implementing the Dodd-Frank Act.
He was speaking at the Futures Industry Association
conference in Boca Raton, Florida, via a live broadcast from
the CFTC offices.
Implementing the Act has become a
fraught issue because it makes great demands on regulators,
including the CFTC and Securities and Exchange Commission, to
formulate rules. These have to go through laborious analysis
and public comment procedures, and the regulators have so far
not been given any budget increase to cope with their new
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