As we have noted in a recent client alert, the transition to the Trump administration is likely to have a significant impact on the regulatory agenda of the Commodity Futures Trading Commission (“CFTC” or “Commission”). House Agriculture Committee Chairman K. Michael Conaway wants to ensure that the status quo is preserved until such time as the CFTC’s new leadership is able to set the agency’s new agenda.  On November 18, 2016, Chairman Conaway sent a letter to CFTC Chairman Timothy G. Massad urging the CFTC not to engage in “midnight rulemaking” (i.e. pushing through new rules in advance of the transfer of power).  Chairman Conaway’s letter follows on the heels of a letter sent by Republican committee chairmen to the heads of all government agencies warning against such rulemaking, and threatening to use the Congressional Review Act to overturn any rules finalized in spite of this request.

In his November 18^th letter, Chairman Conaway urged Chairman Massad to halt action on three pending rulemakings: the position limits rule, Regulation Automated Trading (“Reg. AT”), and the cross-border application of registration requirements for swap dealers and major swap participants.…

Continue Reading Ag. Committee Chairman Tells Massad and CFTC “Pens Down” on Pending Rules