The Commodity Futures Trading Commission is responsible for regulating the the nation’s largest banks, including Goldman Sachs and J.P. Morgan Chase. However it may not be able to function properly in the near future. The commission is intended to have five members, but by next year, it could be down to only two, one Republican and one Democrat. This could seriously delay Dodd-Frank regulatory actions.
The 2010 act gave the commission the power to regulate over $633 trillion worth of yearly trades. But if the diminished, two-person committee gets stuck in gridlock, it will essentially be irrelevant. The committee is already down one member, who stepped down in June 2013. Another member has announced that he’ll be stepping down this year and the commissioner’s term is up at the end of 2013.