The top U.S. derivatives regulator may dwindle to just twovoting commissioners and struggle to approve new rules unless theWhite House and Senate can overcome political hurdles to fill thevacancies by the end of the year.
The Commodity Futures Trading Commission (CFTC), which isdesigned to have five members who regulate trading by banksincluding Goldman Sachs Group Inc. and JPMorgan Chase & Co.,could instead have only one Democrat and one Republican early nextyear. The split would probably delay votes on contentiousDodd-Frank Act regulations.
The possible gridlock comes as the agency tries to flex itspowers under the 2010 Dodd-Frank Act, which gave the commissionoversight of the $633 trillion swaps market after largelyunregulated trades helped fuel the credit crisis.
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