Scott O’Malia, one of two Republicans commissioners on the five member Commodity Futures Trading Commission, shared his thoughts about the Dodd-Frank financial regulations law and its implementation at the Heritage Foundation in Washington. The Dodd-Frank measure, which was enacted last July, extended federal regulation to the $600 trillion over-the-counter derivatives market, requiring many derivatives to go through clearinghouses and trade on exchanges. Mr. O’Malia has been critical of some of rules passed by the CFTC for implementing the law, as well as the process for devising those rules.