The battle for derivatives regulation rages on, and the CFTC, led now by Gary Gensler, is in the mix. The financial reform bill didn't end it. Bills only specify the broad outlines of reform, while how the bill is actually implemented and the particular rules put out are being fought over today-- largely under the radar screen of the public and of political activists.
The difficulties include resource strains, discord among commissioners and accusations that the Commodity Futures Trading Commission isn't taking enough care as it writes at breakneck speed rules that will transform the derivatives market.
Now Mr. Gensler is facing another challenge as congressional Republicans, set to take control of the House in January, mull delaying the July 2011 deadline for the CFTC to write dozens of new rules mandated by the financial-regulatory overhaul.