Does CFTC Chairman Nominee Tim Massad Have the Guts, Independence, Commitment and Values to Make Financial Reform a Durable and Effective Reality?
“Financial reform is meant to protect the American people from another devastating financial crash and more taxpayer funded bailouts. The next Chairman of the CFTC will be critical in determining if financial reform becomes a durable reality or an empty promise. Outgoing Chairman Gensler has admirably led the agency to pass historic reforms, overcoming daunting, relentless opposition from Wall Street and its many allies,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.
“Unfortunately, the CFTC’s hard work is not over. Much remains to be done. Worse, without the right leadership and commitment, much of what the CFTC has already accomplished can be undone. Wall Street continues to use its unlimited resources to protect its profits at the expense of U.S. markets, taxpayers and the economy. The next CFTC Chairman must not only have the experience and skills to run the CFTC, but also an unwavering commitment to financial reform and a healthy skepticism of those pushing their narrow self-interest and talking their book,” Mr. Kelleher said.
“The importance of the CFTC Chairman to the American people cannot be overstated, but it is too often a thankless, politically unpopular job that requires independence, determination, core values and real courage. This is a critical time for the CFTC. It is severely under-funded, grossly under-staffed, technologically outgunned, a political piñata, and under constant attack from Wall Street. All of this poses a grave risk to the American people, who are still suffering from the economic calamity inflicted on them by Wall Street in 2008. The CFTC cannot fulfill its mission of protecting the American people from another derivatives-driven financial crash unless it has the right leadership with the right values,” said Mr. Kelleher.
“Very little is known about CFTC Chairman Nominee Mr. Massad. The inevitable spin, politics and PR surrounding his nomination must be disregarded. It is the Senate’s duty in the confirmation process to determine whether Mr. Massad has the qualifications and guts for the job. The protection of our financial markets, taxpayers and the entire economy are at stake. As was unfortunately demonstrated during the last crisis, the CFTC was not up to the job, was a feckless non-regulator in the pocket of Wall Street, and failed the American people miserably. That must not be allowed to happen again and the Senate must ensure that it does not,” Mr. Kelleher concluded.
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.