In testimony before the U.S. House Committee on Agriculture, CFTC Chair J. Christopher Giancarlo described the agency's efforts to achieve "balanced market oversight."
During his tenure as Chair, Mr. Giancarlo said, the CFTC's initiatives fell into three broad categories: completing outstanding business, enhancing current operations, and preparing for the challenges of the digital age. He highlighted several agency achievements:
- the launch and continued support of LabCFTC, which addresses "changing markets and technological developments";
- the agency's "vigorous" enforcement of the law against wrongdoers;
- the implementation of Dodd-Frank;
- the agency's proposal to amend swap execution facility rules;
- efforts to enhance procedures for examining clearinghouses;
- negotiations with foreign regulatory counterparts (e.g., the Bank of England, Financial Conduct Authority, European Commission, Singapore) regarding regulatory deference and cooperation;
- procedures to address cybersecurity with, among other things, the LabCFTC 2.0 initiative and a multi-year cloud strategy; and
- the Project KISS initiative to simplify and modernize CFTC regulations.
Mr. Giancarlo also announced the following initiatives:
- a final position limits rule, something that "all five Commissioners have committed to Congress to move forward with";
- a rule proposal to address the registration of non-U.S. central counterparties clearing swaps for U.S. persons; and
- a rule proposal addressing the registration and regulation of non-U.S. swap dealers and major swap participants.
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