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  • CREW: CFTC: Regarding Efforts To Influence Financial Regulatory Reform: 3/18/11 - CFTC-CREW-0421

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    On March 22, 2010, Citizens for Responsibility and Ethics in Washington (CREW) filed Freedom of Information Act requests with several agencies for records related to their efforts to influence financial regulatory reform currently being considered by Congress. Several agencies likely to be impacted by reform legislation have waged an intense turf battle to try to preserve their roles and power. CREW’s request specifically seeks all correspondence between eight agencies – Department of the Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Comptroller of the Currency, Office of Thrift Supervision, National Credit Union Administration, Security and Exchange Commission, and Commodities Futures Trading Commission – and Congress related to the key financial regulatory proposals and suggestions. These records will help the public understand how these agencies have tried to influence Congress and whether these efforts were proper.; CREW: Commodity Futures Trading Commission (CFTC): Regarding Efforts to Influence Financial Regulatory Reform; Holder of Document: CREW; Producing Agency: Commodity Futures Trading Commission (CFTC); Date Received: 3/18/11;

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    CREW: CFTC: Regarding Efforts to Influence Financial Regulatory Reform: 3/18/11 – CFTC-CREW-0421

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    On March 22, 2010, Citizens for Responsibility and Ethics in Washington (CREW) filed Freedom of Information Act requests with several agencies for records related to their efforts to influence financial regulatory reform currently being considered by Congress. Several agencies likely to be impacted by reform legislation have waged an intense turf battle to try to preserve their roles and power. CREW’s request specifically seeks all correspondence between eight agencies – Department of the Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Comptroller of the Currency, Office of Thrift Supervision, National Credit Union Administration, Security and Exchange Commission, and Commodities Futures Trading Commission – and Congress related to the key financial regulatory proposals and suggestions. These records will help the public understand how these agencies have tried to influence Congress and whether these efforts were proper.; CREW: Commodity Futures Trading Commission (CFTC): Regarding Efforts to Influence Financial Regulatory Reform; Holder of Document: CREW; Producing Agency: Commodity Futures Trading Commission (CFTC); Date Received: 3/18/11;

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    19 views2 pages

    CREW: CFTC: Regarding Efforts To Influence Financial Regulatory Reform: 3/18/11 - CFTC-CREW-0421

    Uploaded by

    CREW
    On March 22, 2010, Citizens for Responsibility and Ethics in Washington (CREW) filed Freedom of Information Act requests with several agencies for records related to their efforts to influence financial regulatory reform currently being considered by Congress. Several agencies likely to be impacted by reform legislation have waged an intense turf battle to try to preserve their roles and power. CREW’s request specifically seeks all correspondence between eight agencies – Department of the Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Comptroller of the Currency, Office of Thrift Supervision, National Credit Union Administration, Security and Exchange Commission, and Commodities Futures Trading Commission – and Congress related to the key financial regulatory proposals and suggestions. These records will help the public understand how these agencies have tried to influence Congress and whether these efforts were proper.; CREW: Commodity Futures Trading Commission (CFTC): Regarding Efforts to Influence Financial Regulatory Reform; Holder of Document: CREW; Producing Agency: Commodity Futures Trading Commission (CFTC); Date Received: 3/18/11;

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    From: Riley, John <JRiley@CFTC.

    gov>
    Sent: Wednesday, November 25,200910:11 AM
    To: elizabethJitter@agriculture.senate.gov; Claussen, Cory (Agriculture)
    <Cory_ Claussen@agriculture.senate.gov>
    Cc: Leslie, Douglass <dleslie@CFTC.gov>; Arbit, Terry <tarbit@CFTC.gov>
    Subject: CFTC Staff Technical Assistance: CFPA, Hedge Funds, portfolio margining
    Attach: Senate Agriculture Committee-cftc staff technical comments re CFPA
    11.25.09.docx; Senate Agriculture Committee-cftc staff technical comments re
    hedge fund registration 11.25.09.docx; Senate Agriculture Committee-cftc staff
    technical comments re portfolio margining 11.25.09.docx

    Elizabeth and Cory -

    I'm attaching three documents consisting ofCFTC Staff Technical Assistance. They relate to Titles in the
    Senate Banking Committee's financial reform package other than the OTC title. Each item includes an
    explanation. However, as further introduction, I include a note from Terry below. If you have any questions,
    please let me know.

    John

    Terry's note:

    The 3 issues covered by the attached documents are as follows:

    1. Consumer Financial Protection Agency: While this legislation attempts to carve out areas within
    CFTC jurisdiction from the scope of the proposed new consumer agency, staff believes that the way it has done so
    is incomplete (and less than what it does on the securities side).

    2. Hedge Funds: These two items of suggested statutory text are important clarifications for the CFTC
    enforcement program.

    3. Portfolio Margining: We are working with SEC to try to develop statutory text to implement the
    portfolio margining recommendation that was contained in the recent CFTC-SEC Harmonization Report. But one
    part of the legislative package that will be needed is already included in the Senate Banking Committee's
    legislative proposal -- a provision that would amend the Securities Investors Protection Act (SIPA) to extend its
    coverage to futures placed into a securities account. CFTC staff is proposing a wording change to this provision.

    Please note:

    i) Hopefully, all of the page and line numbers, as well as the references to Titles and Subtitles, in
    the attached documents successfully tie into the Chairman's Mark Text that is posted on the Senate Banking
    Committee website. But as you know, there are a lot of different versions of these bills floating around at this
    point. If there is any confusion or uncertainty regarding where these suggested changes apply, please let us know.

    ii) One more technical assistance piece is coming. We have a 4th document regarding the
    definition of a "financial company," but that needs a bit more work to adapt it to the Senate Banking Committee's
    Chairman's Mark, and I don't want to hold up getting these 3 document into your hands in the meantime. We
    hope to have the last piece finalized and up to you this morning.

    CFTC-CREW-0421
    John P. Riley
    Director of Legislative Affairs
    Office ofthe Chairman
    u.s. Connnodity Futures Trading Connnission
    115521 51 St., NW
    Washington, DC 20581
    (202) 418-5383
    JRi1ey@CFTC.gov

    CFTC-CREW-0422

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