U.S. Commodity Futures Trading Commission Chairman Gary Gensler addressed a symposium on consumer protection at George Washington University Law School.
He spoke about why financial reforms matter, the history of the Commodity Futures Trading Commission and how swaps played a major role in the downturn of the economy. He said they have three goals: transparency, lowering risk and to enhancing market intregrity; and the reforms will help with market integrity.
“Markets work best when you have a cop on the beat," Gensler said.
Next, FDIC Acting Chairman Martin Gruenberg gave the keynote address. He talked about the condition of the banking industry and said 2011 was the second year of improving performance, as banks are making gradual and steady progress and the problem bank list has declined. He said that the FDIC is forecasting significantly fewer banks than last year.
He also spoke about a new office established by the FDIC to monitor risk, conduct resolution planning and coordinate with regulators overseas.
Senior regulators, scholars and practitioners attended the symposium, which examined the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the regulation of markets for derivatives, securities, and consumer financial products.