A Republican member of the U.S. Commodity Futures Trading Commission is seeking an Office of Management and Budget review of Dodd-Frank Act derivatives rules that he says have gotten insufficient scrutiny from his agency.
Scott O'Malia, one of two Republicans on the five-member CFTC, said the agency has failed to analyze alternatives to its regulations and hasn't justified its choices with specific cost-benefit analysis. He made the comments in a letter to Jeffrey Zients, OMB's acting director, dated yesterday.
O'Malia asked for a review of CFTC regulations, approved yesterday by a 3-2 vote, for record-keeping and business conduct standards for swap dealers and other large swap participants.
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