Rep. Scott Garrett, R-N.J., vice-chairman of the House Budget Committee, criticized the lack of coordination between the Commodities Futures Trading Commission and the Securities and Exchange Commission on regulation at the SEFCON III conference in New York today.
“The SEC has been widely synchronized in order of rule making. The CFTC has not,” he also told attendees.
After President Obama’s re-election and the Senate elections in the U.S. on Nov. 6, there has been pressure to finalize Dodd-Frank’s various provisions by the Jan. 1 deadline. One of the troublesome areas has been making sure end users can align with both the CFTC and the SEC clearing regulations.
Garret believes the government needs to create a comprehensive regulations handbook, and additionally should be focused on eliminating too-big-to-fail as a concept.
