*  *  *  Chairman Bachus, Ranking Member Frank, and other members of the Committee, I appreciate this opportunity to provide the Federal Reserve Board’s views on the implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
The Board’s responsibilities with respect to over-the-counter (OTC) derivatives fall into three broad areas: consultation and coordination with other authorities, both domestic and international; efforts to strengthen the infrastructure of derivatives markets; and supervision of many derivatives dealers and market participants.