Hordes of big-firm lawyers and their clients have been beating a path to the Commodity Futures Trading Commission, all eager to influence the tiny agency as it tackles a breathtaking array of new rules, including the first ever regulation of the $615 trillion market for over-the-counter derivatives.
In the past three months, lawyers from 22 major law firms have met at least 72 times with CFTC commissioners and staff to discuss implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to agency records. Signed into law on July 21, Dodd-Frank is the biggest overhaul of the financial services industry since the New Deal.
