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April 12, 2016

Better Markets Statement on Congress’s Failure to Provide the CFTC with Funding to Protect the American People

FOR IMMEDIATE RELEASE
Tuesday, April 12, 2016
Contact: Shanessa Bryant, 202-618-6433 or sbryant@bettermarkets.com

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement on the House Agricultural Appropriations Subcommittee’s bill failing to fund the CFTC for the third year in a row: 

“It is an indefensible dereliction of duty by Congress to cripple America’s front line cops on the Wall Street derivatives beat by continuing to grossly underfund the CFTC.  Everyone knows that the 2008 financial crisis was incubated in the unregulated derivatives markets, which was a conveyor belt transmitting risk throughout the financial system.  The CFTC is charged with making sure that never happens again, but the Congressional allies of Wall Street’s biggest derivatives dealers refuse to provide the CFTC with the funding necessary to protect the American people from another derivatives-fueled financial crash.

“The House Agriculture Appropriations Subcommittee at its meeting on Wednesday, April 13, 2016 should increase the proposed flat-funding levels to at least meet the President’s budget.  To do any less is to leave the American people needlessly exposed to a largely unregulated and unpoliced derivatives market not that different than before the 2008 crash.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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