July 21 (Bloomberg) -- The U.S. Commodity Futures Trading Commission is likely to move to implement limits on speculation by “early fall,” Chairman Gary Gensler said today.
The proposal for so-called position limits, which was issued by the CFTC in January, has been among the most contentious aspects of the agency’s rulemaking required by the Dodd-Frank Act. The proposal spurred more than 13,000 comments from supporters such as Delta Air Lines Inc. and opponents such as Barclays Plc.
Democrats in Congress, citing run-ups in commodity prices, have urged the agency to quickly implement the trading curbs.
Gensler said the agency has been going through the public comments, holding internal discussions and meeting with other regulators as it considers how to implement the limits.
“We hope to move to that in early fall,” probably in September or October, he told reporters after testifying at a Senate Banking Committee hearing marking the one-year anniversary of Dodd-Frank.
The CFTC is also likely to consider final rules in the “early fall” governing clearinghouses, business-conduct standards for swap dealers involved with clients such as municipalities and pension funds, and the definition of swap dealers, Gensler told House Agriculture Committee members at a separate hearing today.
Gensler told lawmakers the CFTC aims to consider final rules on trading and how quickly trades must be reported later in the fall.
CFTC commissioners may consider a final rule governing whistleblowers at its next meeting, scheduled for Aug. 4, Gensler said on July 19.
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