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O’Malia Seeks Dodd-Frank Review

CFTC member asks OMB to look at Dodd-Frank derivatives rules.

By Silla Brush, Bloomberg | Updated on February 24, 2012

A Republican member of the U.S. Commodity Futures Trading Commission is seeking an Office of Management and Budget review of Dodd-Frank Act derivatives rules that he says have gotten insufficient scrutiny from his agency.

Scott O’Malia, one of two Republicans on the five-member CFTC, said the agency has failed to analyze alternatives to its regulations and hasn’t justified its choices with specific cost-benefit analysis. He made the comments in a letter to Jeffrey Zients, OMB’s acting director, dated yesterday.

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