CME Group, the world's leading and most diverse derivatives marketplace, announced that Executive Chairman Terry Duffy will appear before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Tuesday, April 12, to discuss oversight of Title VII of the Dodd-Frank Act.
"We support the goals of the Dodd-Frank Act, but we are concerned that the CFTC has launched an initiative that will make it more difficult to reach the Act's goal of increasing transparency and limiting risk," said Duffy. "Expanding the Commission's mandate to impose regulations that are uncalled for by the Act or that duplicate the duties now being performed by exchanges and the National Futures Association will undermine the goals of the Act and impose unknown costs on the markets. These needless regulatory obstacles will have an indirect impact on business, and drive capital and jobs to our competitors overseas. Congress should encourage a full and fair cost-and-benefit analysis of every proposal in the Act."
The hearing is scheduled for 2:45 p.m. Eastern time in the Dirksen Senate Office Building. Duffy's written testimony also will be available on www.cmegroup.com at that time.