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Special Counsel Gary DeWaal Comments on Challenges Facing New CFTC Heads in Law360

Firm News | June 10, 2014

Gary DeWaal, special counsel in the Financial Services practice, spoke with Law360 regarding US Senate confirmation of Timothy Massad, J. Christopher Giancarlo and Sharon Bowen as Commodity Futures Trading Commission commissioners. The new commissioners face a multitude of challenges, including shepherding the CFTC through the implementation of the Dodd-Frank Act while properly overseeing the vast new markets and hundreds of new registrants that have come under its belt as a result of the 2010 law. Gary notes that much of the pressure to keep the agency focused will fall on chairman Massad as the CFTC grapples with an enlarged mission but little financial wherewithal to accomplish it: "He’s going to have a real challenge even maintaining the status quo, given the current budget and the proposed budget for fiscal year 2015. With less money and longer hours, the chair has to find a way to maintain the morale." ("New CFTC Heads Face Lean Times, Steep Fights Ahead," June 9, 2014)

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