On December 12th, CFTC Chairman Gary Gensler testified before the House capital market subcommittee concerning the agency's implementation of the Dodd-Frank Act's swaps provisions. Addressing concerns about the provision's cross-border reach, Gensler said the CFTC is "very committed to allowing for substituted compliance, or permitting market participants to comply with Dodd-Frank through complying with comparable and comprehensive foreign regulatory requirements." Gensler Testimony. The Washington Post summarized the testimony of CFTC Commissioners Jill Sommers and Bart Chilton, as well as industry representatives, who all testified about the need to give off-shore market participants additional time to comply with U.S. rules. Summary.