Argus: CFTC to Propose Dodd-Frank Rules by November

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Sep 01, 2010, 07:52 ET

HOUSTON, Sept. 1 /PRNewswire/ -- The Commodity Futures Trading Commission (CFTC) expects to issue all proposed rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act by Thanksgiving, CFTC general counsel Dan Berkovitz said today.

And rulemakings with timeframes shorter than 360 days could be issued as soon as this month, Berkovitz said at the Argus Oil Market Regulation Summit 2010 in Houston today.

"There is virtually, under this timetable that we have under the legislation … no ability to accelerate anything to get it out earlier than we are already doing it," he said. "And we cannot delay anything either, there is virtually no flexibility."

The commission is in the process of taking comments and drafting rules for at least 30 areas in the new law. The agency has also initiated a comment period on key definitions in Dodd-Frank, including energy swap, in coordination with the Securities and Exchange Commission (SEC) and other agencies.

But panelists at the summit today expressed concern the commission is pushing through the raft of rulemakings too quickly and that the provisions may have unintended consequences.

"In hindsight, I wish Congress had approached this with a realistic timeframe," said John Hyland, chief investment officer for the United States Commodity Fund.

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