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CFTC should follow Congress on Dodd-Frank: Wetjen

WASHINGTON (Reuters) - Mark Wetjen, selected as a commissioner at the U.S. futures regulator, said the agency should follow the intent of Congress when writing nearly 50 rules to implement the sweeping Dodd-Frank legislation.

"It is critical that the commission hews closely to the intent of Congress when finalizing the rules," Wetjen said in prepared remarks before the Senate Agriculture Committee.

Wetjen said the final rules should avoid passing unnecessary cost burdens on to commercial firms that use swaps, and should minimize so-called unintended consequences that hurt U.S. competitiveness or market liquidity.

The Obama administration picked Wetjen in May to replace outgoing Commissioner Michael Dunn, a Democrat, at the Commodity Futures Trading Commission.

(Editing by Dale Hudson)

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