CFTC Sunshine Act meeting clouded by commissioner dissent

By Brad Rosen, J.D.The first open meeting of the CFTC under the chairmanship of J. Christopher Giancarlo, and as attended by Commissioners Brian Quintenz and Rostin Behnam, revealed fissures and discord among Commission members. While three proposed rules were approved by the Commission, Behnam, the sole Democrat on the CFTC, voted against two of the proposals. Behnam also lodged concerns that he was essentially cut out of the loop from providing input in connection with amendments related to the Volcker Rule. He noted, “My message is we’re better than this. I came to this agency ready to roll up my sleeves and work together with the chairman and Commissioner Quintenz to make our rules better.” Benham also voted against the Commission’s proposed rule to keep the swap dealer de minimis exception threshold at $8 billion rather than reducing it to $3 billion as scheduled. He issued a statement of dissent on this score as well. Giancarlo supports keeping the…

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