WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the news that the Commodity Futures Trading Commission (CFTC) fired some of its employees:
“Many may see the firing of CFTC employees as just another round of federal job cuts. But the reality is that these terminations make it even harder for the CFTC to fulfill its critical mission of protecting Americans from price manipulation in commodities markets that directly impact their wallets, from gas to groceries to airfare.
“The CFTC was already struggling with too few staff and too much responsibility. Before these firings, it had only a fraction of the workforce needed to properly oversee financial markets that determine the cost of everything from bread in Iowa to milk in Alabama. Now, with even fewer watchdogs on the beat, the risks of unchecked speculation and market manipulation grow, threatening the financial security of everyday Americans.
“Beyond that, these firings weaken the CFTC’s ability to properly oversee the multi-trillion-dollar derivatives markets, bringing us one step closer to another financial crash.
“America’s markets should work for the many, not the well-connected few. Many support a smaller government, but gutting an already short-staffed CFTC weakens protections for consumers and comes at the expense of every American who relies on fair prices for life’s essentials.”
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