DSG Derivatives Update: Upcoming Hill & Agency Schedule

Below is a summary of upcoming regulatory activities, as well as information regarding the first two derivatives-related oversight hearings planned for the 112th Congress. Committee leadership has been finalized in both Congressional chambers, and info for relevant committees is also listed below. We have also attached an updated version of our Dodd-Frank rulemaking chart. As details of the agendas, hearing witness lists, and proposed rules firm up, updates will be made.

Upcoming schedule
Feb. 10 – House Agriculture Committee hearing To review implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Witnesses (not final)
· Panel 1 – Gov’t: Gensler
· Panel 2 – Industry representatives: DCM (CME), SEF (TradeWeb), Farmer Co-op (Dairy Risk Mgmt Services), End-User Coalition (still in flux), Dealer (still in flux)

Feb. 11 – CFTC public meeting: POSTPONED (they had planned to consider various conforming amendments, but have decided to roll this into the next meeting on 2/24)

Feb. 15 – House Financial Services Committee hearing re: Implementation of derivatives provisions of Dodd-Frank Act
Witnesses (not final)
· Panel 1 – Gov’t: Schapiro, Gensler, Fed Gov. Tarullo
· Panel 2 – Industry representatives: TBD

Feb. 18 – “Flash crash” Joint Advisory Committee meeting to unveil recommendations to the CFTC/SEC (rescheduled from Jan. 26)
[more to come once their recommendations are finalized and shared internally, likely next week]

Feb. 24 – CFTC public meeting to consider proposed rules
Agenda (not final)
· Disruptive trading practices
· Capital and margin requirements for non-bank SDs and MSPs
· Product definitions (swap, SB swap, mixed swap, etc) – Joint with SEC
· Pre-enactment swaps
· Conforming amendments
[Note: We have been told by staff drafting the capital and margin rule that it is likely to slip beyond the 2/24 meeting, but is still on the planned agenda. We have been also told another delay is likely for product definitions]

Mar. 1 – CFTC Technology Advisory Committee meeting re: “pre-trade functionality, direct market access controls and costs and technology challenges in implementing the trade execution, processing and records management requirements of the Dodd-Frank Act.” (rescheduled from Jan. 27)

112th Congress – Committee Leadership
House Ag Committee:
· Full Cmte Chair: Frank Lucas (R-OK)
· Full Cmte Ranking: Collin Peterson (D-MN)
· Sub Cmte Chair (CFTC jurisdiction): Mike Conaway (R-TX)
· Sub Cmte Ranking (CFTC jurisdiction): Leonard Boswell (D-IA)
· Full list: Committee Members

House Financial Services Committee:
· Chair: Spencer Bachus (R-AL)
· Ranking: Barney Frank (D-MA)
· Full list: Committee Members

Senate Ag Committee
· Chair: Debbie Stabenow (D-MI)
· Ranking: Pat Roberts (R-KS)
· Full list: Committee Members (being updated)

Senate Banking Committee
· Chair: Tim Johnson (D-SD)
· Ranking: Richard Shelby (R-AL)
· Full list: Committee Members

2011-0207-Dodd Frank Rulemaking Chart Feb 4 2011

More Advocacy Issues

Reconciliation Package Update

September 14th, 2021

See the update below for a comprehensive review of the reconciliation process. Update Here

Read More
 

On August 11th, ACSA leaders including Buddy Allen of American Cotton Shippers Association, Michael Symonanis of Allenberg Cotton Co., Donna Lemm of IMC Companies, and Neely Mallory of Mallory Alexander International Logistics participated in a Federal Maritime Commission Memphis Supply Chain Stakeholder Meeting led by Commissioner Rebecca Dye. Over 100 stakeholders participated in the meeting […]

Read More
 

Yesterday, ACSA co-signed a letter to Representatives John Garamendi (D-CA) and Dusty Johnson (R-SD) endorsing the Ocean Shipping Reform Act of 2021 (OSRA21). The Act focuses on unreasonable detention and demurrage charges, and carrier rejection of U.S. export cargo. We believe that addressing these concerns will assist U.S. exports such as cotton to remain competitive […]

Read More
 

On July 23rd, Representatives Jim Costa, Salud Carbajal, Jimmy Panetta, Tom O’Halleran, John Garamendi, and Ann Kirkpatrick wrote a letter to Secretary Vilsack asking him to assistant cotton merchandisers who have experienced significant losses due to the COVID-19 pandemic. The letter states that not only did cotton experience a huge downturn in consumption during the […]

Read More
 

Yesterday, Representative David Scott (D-GA), Chairman of the House Committee on Agriculture, Representative Sanford Bishop (D-GA), Chairman of the Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, and Senator Raphael Warnock (D-GA), the sole cotton state Democrat on the Senate Committee on Agriculture, Nutrition, and Forestry wrote a letter to Secretary […]

Read More
 

Yesterday, the House Transportation Subcommittee on Coast Guard and Maritime Transportation held a hearing entitled “Impacts of Shipping Container Shortages, Delays, and Increased Demand on the North American Supply Chain.”  The hearing featured two panels: the first panel included Federal Maritime Commission (FMC or Commission) Chairman Daniel Maffei and Commissioner Rebecca Dye, and the second […]

Read More