Press Releases

Washington, D.C. - Today, Rep. K. Michael Conaway (R-TX), Chairman of the House Agriculture Committee, issued the following statement on the fifth anniversary of the Dodd-Frank regulatory overhaul. 

“Five years have passed since President Obama signed the massive rewrite of our nation’s financial system into law, promising the bill would promote financial stability and put an end to the causes of the 2008 financial crisis.  Yet today, despite 50 rulemakings by the CFTC, the reforms of Title VII have not lived up to their promise.  A failure to coordinate derivatives reforms, both here at home and across the globe, has fragmented the new regulatory regimes the G-20 leaders promised to enact.  Rather than providing certainty, the implementation of Title VII has brought confusion to market participants and ruptured global liquidity markets.  Further complicating the situation, the CFTC has gone unauthorized since October 2013, avoiding important congressional oversight and reforms that would bring more certainty to its international coordination efforts.  Next week, the House Committee on Agriculture will hold a hearing to examine where we stand and what is preventing global regulators from meeting the G-20’s commitments on derivatives markets reforms.”