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  • CREW: CFTC: Regarding Efforts To Influence Financial Regulatory Reform: 3/18/11 - CFTC-CREW-0337

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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-0337

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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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    13 views2 pages

    CREW: CFTC: Regarding Efforts To Influence Financial Regulatory Reform: 3/18/11 - CFTC-CREW-0337

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    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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    of 2

    From: Riley, John <JRiley@CFTC.

    gov>
    Sent: Friday, January 8,20103:46 PM
    To: Chon, Julie (Banking) <Julie_Chon@banking.senate.gov>; Shahinian, Dean
    (Banking) <Dean_Shahinian@banking.senate.gov>
    Cc: Leslie, Douglass <dleslie@CFTC.gov>; Berkovitz, Dan M
    <DBerkovitz@CFTC.gov>; Amir-Mokri, Cyrus <CAmir-Mokri@CFTC.gov>
    Subject: CFTC Staff Technical Assistance Related to SEC/CFTC Harmonization Report
    recommendations
    Attach: Harmonization-Enhanced Authority over Registered Entities Statutory Text
    11.20.09.docx; Harmonization-Fiduciary Standards Text l2.6.09.docx;
    Harmonization-Whistleblower Statutory Text l2.6.09.docx; Harmonization-
    Restitution Statutory Text 11.20.09.docx; Harmonization-Insider Trading Statutory
    Text 11.23.09.docx; House passed CEA disruptive practices. pdf

    Julie and Dean -

    I have some business for you all but first, with regard to the Chairman's announcementthis week, I wish
    you both the best for all that comes with that. We very much look forward to continuing to work with you.

    On to business. As you know, the SEC and the CFTC in October issued a Joint Report on harmonization
    of the agencies' regulations. CFTC staff has prepared as technical assistance draft statutory language designed to
    carry out a number of the recommendations in the Joint Report. The attached documents (with the exception of
    the last) consist of the draft language. Each document includes an explanation and the report itself includes
    justifications. Of course, if you desire any further information about any or all of these items, we are glad to
    provide them.

    With regard to the last item (Recommendation M), I have attached language included in the House-passed
    version ofH.R. 4173. CFTC staff contributed to its development and believes it fairly represents the Report's
    recommendation.

    The particular recommendations from the report covered by the attached documents are:
    RECOMMENDATION C: ENHANCE CFTC AUTHORITY OVER EXCHANGE COMPLIANCE
    WITHTHECEA
    RECOMMENDATION F: ESTABLISH A UNIFORM FIDUCIARY STANDARD FOR THOSE
    PROVIDING INVESTMENT ADVISORY SERVICES
    RECOMMENDATION K: ENHANCE WHISTLEBLOWER PROTECTIONS
    RECOMMENDATION L: CLARIFY THE COMMODITY EXCHANGE ACT'S RESTITUTION
    REMEDY
    RECOMMENDATION N: EXPAND THE SCOPE OF INSIDER TRADING PROHIBITIONS
    UNDER THE COMMODITY EXCHANGE ACT

    RECOMMENDATION M: ENHANCE THE CFTC's DISRUPTIVE TRADING PRACTICES


    AUTHORITY

    CFTC-CREW-0337
    Thanks for taking a look at these with an eye towards inclusion in financial regulatory reform. These
    documents have also been shared with the Agriculture Committee. Please always feel free to let me or Doug
    know if we can be of assistance.

    Again, all the best.

    John

    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-0338

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