Governor Daniel K. Tarullo, Assessing the regulatory, economic, and market implications of the Dodd-Frank derivatives title, Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C., February 15, 2011
“The Dodd-Frank Act requires that the Commodity Futures Trading Commission and the Securities and Exchange Commission consult with the Board on the rules they are crafting to implement Title VII. Immediately after passage of the act, the staff from the commissions and the Board met to fashion a process for this consultation; at the Board, we identified members of the staff with relevant expertise, both here and across the Federal Reserve System. Our staff have commented on proposed rules of the commissions at each stage of the development process to date. In providing feedback, we have tried to bring to bear our experience from supervising dealers and market infrastructure and our familiarity with markets and data sources to assist the commissions.”
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