“Keep It Simple, Stupid!” So said Christopher Giancarlo, Commissioner of the CFTC (the United States Commodity Futures Trading Commission) announcing the launch of Project KISS – an agency-wide review of CFTC rules, regulations, and practices aimed at making them “simpler, less burdensome, and less costly.”
Giancarlo’s announcement came during a wide-ranging speech made at the 42nd Annual Futures Industry Association (FIA) International Futures Industry Conference in Boca Raton, Florida.
Giancarlo’s former Chief of Staff, Mike Gill, will lead the KISS project. As Regulatory Reform Officer, Gill will be responsible for directing the task force inside the CFTC.
The project is part of a three-pronged regulatory-reform strategy intended to foster economic growth, enhance US financial markets, and right size the regulatory footprint.
Giancarlo, a Republican who spent thirteen years in the trading industry before joining the CFTC as Commissioner in June 2014 after being nominated by President Obama, has been serving as Acting Chair of the commission since former head Tim Massad stepped down following Trump’s inauguration.
This week, President Trump formally nominated Giancarlo to serve as permanent head of the CFTC.
Apart from his “Keep It Simple, Stupid” announcement, Giancarlo used the occasion of the FIA speech to slam the previous administration’s economic policies.
Bemoaning the fact that “the US economy has not rebounded satisfactorily from the financial crisis,” and that “too many Americans have been left out of a tepid recovery that has mainly benefitted those in a few large cities on the East and West coasts,” Giancarlo said the Trump administration had been called on “to turn the tide on over-regulation.”