By Lene Powell, J.D., Commodity Futures Law Reporter.
In a blistering dissent, CFTC Commissioner Scott O’Malia criticized a final rule imposing certain reporting and recordkeeping requirements for swap dealers and major swap participants. In the commissioner’s view, the agency committed “regulatory malpractice” by implementing a major rule without adequate discussion of anticipated costs.
“I have reached a tipping point and can no longer tolerate the application of such weak standards to analyzing the costs and benefits of our rulemakings,” said the commissioner in a prepared dissent. “I believe it is time for professional help.”
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