Statement on Passage of Wall Street Reform and Consumer Protection Act

Chairman Gensler Comments

July 15, 2010

The Wall Street reform bill passed today is historic and comprehensive. Over-the-counter derivatives dealers will – for the first time – be subject to robust oversight for their derivatives activities. Standardized derivatives will be required to trade on open platforms and be submitted for clearing to central counterparties. This will greatly improve transparency and lower risk in the marketplace. I look forward to the President signing this crucial legislation. The CFTC stands ready to implement the Dodd-Frank Act to best protect the American public.

Last Updated: July 15, 2010