According to Fortune, outgoing Securities and Exchange
Commission Chair Mary Jo White is refusing to delay adoption of new
rules and regulations. Senate Republicans–in particular the
Senate Banking Committee's top two Republicans, Chairman
Richard Shelby and Mike Crapo–requested White delay adopting
new rules until after Trump takes office. However, as reported by
Reuters,
White responded to Shelby and Crapo on December 12th, stating that
she intends to move forward with derivative reforms mandated by
Dodd-Frank, including capital and margin requirements for swap
dealers, and a limit on how mutual funds and exchange-traded funds
use derivatives to leverage returns.
There remain obstacles to these rules. First, because two
commissioner positions remain vacant, there are only three
remaining commissioners, of which there must be a quorum to pass
the new rules. The other two commissioners, Kara Stein and Michael
Piwowar, are democrat and republican, respectively.
