In remarks at a conference, CFTC Acting Chairman J. Christopher Giancarlo announced the CFTC’s intent to comply with an Executive Order which requires each agency to designate a Regulatory Reform Officer and establish a Regulatory Reform Task Force. Chairman Giancarlo noted that the CFTC’s initiative was named Project KISS, standing for Keep It Simple Stupid. It is an agency-wide review of CFTC rules, regulations and practices to make them simpler, less burdensome and less costly.

On its face, the Executive Order is fuzzy as to whether it applies to independent agencies, but apparently the CFTC wants to play ball in any event.

It’s interesting to compare the Executive Order to Chairman Giancarlo’s objectives. Chairman Giancarlo stated “Project KISS is NOT about identifying rules for repeal or even rewrite. What it IS about is taking our existing rules as they are and applying them in ways that are simpler, less burdensome and less of a drag on the economy” (emphasis in original). The Executive Oder directs the Regulatory Reform Task Force to evaluate existing regulations and make recommendations to the agency head regarding their repeal, replacement, or modification, consistent with applicable law.