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CFTC’s O’Malia Criticizes ‘Mad Rush’ On Swaps Rules

Commissioner cites inconsistency in some regulations.

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

The U.S. Commodity Futures Trading Commission is overreaching in its Dodd-Frank Act rulemaking, undermining efforts to provide certainty to the swaps market, according to Scott O’Malia, a Republican commissioner.

The CFTC has taken shortcuts and reached inconsistent outcomes on regulations including those for market-information databases and the international reach of the new rules, O’Malia said in remarks prepared for delivery today at the University of Notre Dame Business Law Forum in Indiana. The agency should release guidelines for implementing the rules, he said.

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