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Objective 0.1


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Objective 0.1—Complete all Dodd-Frank Act rule development requirements within the statutory deadlines.

Implementing the new responsibilities given the CFTC by the Dodd-Frank Act remained a significant priority and critical focus of the Commission during the second year of this Strategic Plan. Congress required the Commission to complete approximately 60 rules within 360 days; some having deadlines of 90, 180, or 270 days. The workload attendant to the rulemaking process, together with studies, comment review, and other actions to be taken, is unprecedented for the CFTC.

The CFTC began working on the draft rules that Congress assigned to it in July 2010. The Commission first identified 30 areas of rulemaking to implement the Dodd-Frank Act (Appendix C in the Strategic Plan lists the 30 areas – see http://www.cftc.gov/reports/strategicplan/2015/2015strategicplanapp03.html). While some areas only required one rule, others required multiple rules. Teams have been assigned to each rule grouping. Where proposed and interim final rules have been issued, the Commission is affording as much opportunity as practicable for public comment both through written submissions and public meetings. The Commission has and will fully consider the comments and continue to offer this opportunity as the proposed rules are developed. The CFTC has and will continue to work with the SEC and other regulators to maximize consistency and minimize overlap or duplication. All information will be considered in developing the best possible final rule.

PERFORMANCE MEASURE 0.1.1.1 Complete all Dodd-Frank Act rules within statutory time frames. Percentage of rules complete.
Lead Program Office: Chairman's Office
Data Source: Unified Calendar
Verification: Federal Register, Volume 76 (2011)
ACTUAL
FY 2011
PLAN
FY 2011
ACTUAL
FY 2012
PLAN
FY 2012
PLAN
FY 2013
PLAN
FY 2014
PLAN
FY 2015
18% 100% 82% 100% 100% N/A N/A

Performance Analysis & Review

The performance target was not met for FY 2012. The Dodd-Frank Act set a timeframe of 360 days (or less in a few instances) for completion of the rules. The Commission has been unable to accomplish this for several reasons. Primarily, the continued delay is a matter of capacity for rule consideration. With all rules, the CFTC has taken and will continue to take a thoughtful and balanced approach. The Commission actively seeks and takes into full consideration public comments regarding the costs, benefits, and economic effects of proposed rules. Given the significance of the rules and consequent public interest, it has taken substantial time and resources to accomplish this. Other variables contributing to the delay include:

Despite the above limitations placed on the Commission since the onset of the massive undertaking, it was able to accomplish the following Dodd-Frank Act related rulemaking tasks through September 30, 2011:

Continuing to operate under resource constraints, the CFTC was able to make the following significant steps toward the completion of the Dodd-Frank Act rule requirements during FY 2012:

Remaining rules to be finalized by the Commission as mandated by the Dodd-Frank Act are as follows:


1 Vacated by U.S. District Court for the District of Columbia, September 28, 2012. (back to text)

 

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