CFTC Goes Cap in Hand to Obama. Dodd-Frank "In Jeopardy"


The CFTC has just released a brief statement by Commissioner Bart Chilton. We reproduce it here in full:

Landmark financial reforms were passed by the Congress and signed by the President earlier this year.  The new law will ensure more efficient and effective markets, better protect consumers and cast light upon current "dark" markets that have been out of view of regulators — markets which led, in large part, — to the economic calamity that began two years ago.

The implementation of that good and historic law is in jeopardy if the CFTC doesn't have increased resources.  Level funding, as it appears will be approved as part of the continuing resolution, is insufficient to move forward on implementation of the new law as Congress intended. Implementing the most significant financial reform law ever will plainly require a spending anomaly.  There is bipartisan support for moving ahead with funding this important effort — a rarity in Washington, and an indication of the widespread acknowledgement of its necessity.

This is a serious and substantial issue and I hope it will be remedied in the very near future.

As we have reported here previously, the CFTC was complaining about lack of resources long before the Dodd-Frank Act was passed.  It sounds as though they are going to have a lot of trouble keeping on top of their domestic commitments, let alone pursuing overseas forex brokers that may choose not to send large quantities of greenbacks back to their rightful home in the United States of America.

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October 16, 2010

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