WASHINGTON, D.C. — Cantrell Dumas, Director of Derivatives Policy at Better Markets, issued the following statement upon the release of a new fact sheet analyzing the Senate Agriculture Committee’s confirmation hearing for Brian Quintenz, President Trump’s nominee to serve as Chair of the Commodity Futures Trading Commission (CFTC):
“The CFTC usually does not make headlines, but it touches nearly every corner of the U.S. economy. From the cost of groceries and gas to the stability of our financial system, the CFTC plays a critical role in ensuring that markets work for everyone. That’s why the nomination of Brian Quintenz to lead the agency is so dangerous and why his confirmation hearing should be a wake-up call.
“At his confirmation hearing, Mr. Quintenz refused to commit to bipartisan governance, avoided basic questions about regulatory integrity, and defended policies that could allow federally sanctioned gambling through so-called event contracts. Quintenz claims that any event with financial, commercial, or economic consequences qualifies as a commodity. His sweeping definition could include terrorist attacks, political assassinations, or the destruction of federal buildings. Markets often react to these events, but in his hearing, Quintenz offered no clear guidance on what types of events should be excluded from the derivatives markets. Under his approach, market reaction alone could justify turning a political assassination into tradable financial products.
“The stakes could not be higher. The public cannot afford a CFTC Chair who treats every financial product, no matter how risky or harmful, as a form of innovation. Nor can we place an agency this important in the hands of someone unwilling to draw clear legal or moral boundaries when it comes to what belongs in our financial markets and what crosses the line into exploitation or harm.”
The Fact Sheet is available here.
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Better Markets is a non-profit, non-partisan, and independent organization founded 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.
