School of Law Professor Michael Greenberger was quoted in the Wall Street Journal on Dec. 14 in an article about the pace at which the Commodity Futures Trading Commission (CFTC) is writing rules for regulation and oversight of opaque financial markets pursuant to mandates set forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act passed in summer 2010.
Republican CFTC commissioners, Wall Street interests, and Republican lawmakers want to push back the July 2011 rule-writing deadline for various reasons; one Republican CFTC commissioner quoted in the article questioned why the CFTC should be "trying to meet a deadline just to meet a deadline when it may end up producing rules that don't work."
But Professor Greenberger calls that a red herring offered by Wall Street to delay implementation of rules that he says could have prevented the financial meltdown. "People are always making fun of bureaucracy as being slow-moving," Greenberger said. "This one isn't."
Professor Greenberger is an internationally recognized expert on regulation of financial markets. He has testified numerous times on Capitol Hill and before regulatory bodies on critical issues that arose before, during, and after the current economic crisis. Professor Greenberger has written about these issues at length and in many forms, including recent comment letters about rules before the CFTC. Those writings can be found on his website at http://www.michaelgreenberger.com/doddfrank.html.