Washington, D.C. — Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham issued the following statement on the final rule to amend Regulation 4.7:

“I'm pleased that the Commission is taking additional time to understand how to best protect market participants and to consider the various disclosure proposals submitted by the public in connection with Regulation 4.7.  As a market regulator with material impact on the risk management of the savings of millions of Americans, it is imperative that the Commission takes its time when considering new requirements to ensure that we get it right.  This is especially the case when the unintended consequences of our rules could create new obstacles to market participation that draw a distinction between the “have-a-lot’s” and the “have-not-enough’s”.  Ultimately, using regulation to pick winners and losers that increases the wealth gap not only betrays the American public’s expectation of Washington to create and maintain fair markets, but it also undermines financial inclusion.  The government must keep the people’s trust that we will help every American achieve economic mobility for them and their families—not construct artificial barriers to the American Dream.  For those reasons, I applaud the Commission taking the time for careful consideration of the public comments and further study including data. I thank the Chairman and the Market Participants Division for working with me on this important rulemaking.”