WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of Better Markets’ new Fact Sheet, “Blow the Whistle: The Importance of the Commodity Futures Trading Commission’s Whistleblower Office”
“The CFTC’s Whistleblower Office has played a pivotal role in exposing wrongdoing that undermines the fairness and integrity of the commodities and derivatives markets. This vital tool has helped bring to light misconduct that might otherwise have remained hidden. Since its inception after the 2008 financial crisis, the office has led to over $3.2 billion in collected penalties and a significant increase in enforcement actions.
“However, this indispensable program now faces funding challenges. An arbitrary cap on its funding source that comes from penalties collected from violators and the expiration of a temporary solution for operational expenses have left the office financially vulnerable. Without addressing these issues, the CFTC risks losing one of the most effective mechanisms for early detection of financial misconduct.
“It’s essential that all stakeholders recognize the importance of securing sustainable funding for the Whistleblower Office. Ensuring the continued operation of this office isn’t just about funding a program. It’s about upholding the principles of accountability and transparency that are the foundation of our financial system. It’s in the best interest of everyone that this office remains robust and effective.”
Find our fact sheet here.
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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.org.
