WASHINGTON, D.C. — Dennis M. Kelleher, Co-founder, President and CEO of Better Markets, issued the following statement ahead of Brian Quintenz’s nomination hearing for Chairman of the Commodity Futures Trading Commission (CFTC). Better Markets has also released a related fact sheet: “Trump’s CFTC Chair Nominee Brian Quintenz’s Deregulatory Record Means Increased Dangers for Markets, Financial Stability, and Main Street Americans”:
“Trump’s nomination of Brian Quintenz to be the Chair of the CFTC is another ‘fox guarding the henhouse’ alert. Trump has been handing control of the financial regulatory agencies to the very industries those agencies are supposed to regulate, and Mr. Quintenz is no exception. His record, as detailed in this Fact Sheet, makes clear that the CFTC will not be prioritizing the public interest, but will deliver on the industry’s deregulation wish list. That will increase dangers in the derivatives, commodities, and financial markets, while needlessly and irresponsibly exposing customers, consumers, investors, and Main Street Americans to greater risks.
“As a private sector executive for the past four years, Mr. Quintenz has focused on weak or favorable CFTC regulation to maximize the profits for the financial firms he has worked for, including those pushing for loopholes, unreasonable interpretations, and very aggressive if not baseless positions. His qualification for those jobs, at least in part, was his prior record as a CFTC Commissioner, when he pushed a deregulatory agenda that prioritized Wall Street and Silicon Valley interests over the public interest. For example, he fought to weaken position limits, kill rules on algorithmic trading, and open the door to gambling-style bets on elections and sporting events. Then he went through the revolving door and cashed in by joining a crypto venture firm and a CFTC-regulated betting exchange.
“Now, he’s been nominated to lead the very agency he has spent years trying to weaken if not undermine. This is particularly important because the CFTC may soon be left with only one sitting Commissioner. This would leave Quintenz, if confirmed, with near-total control over decisions that affect prices at the pump, costs at the grocery store, and the financial stability of American households. That’s not just bad policy. It’s a dangerous concentration of power in the hands of a single, conflicted individual, raising serious questions about legality, legitimacy, and accountability.
“The potential impacts of this nomination could be profound for the average American consumer. Whether it’s cereal at breakfast, bread at lunch, gas in your car, or beer in a can after work, the CFTC, is supposed to ensure that these products are available, affordable, and fairly priced. The CFTC is also meant to ensure that no one gambles with our collective economic future. America simply cannot afford a repeat of the deregulatory mindset that helped cause the 2008 financial crash. Yet that’s what Mr. Quintenz appears to represent. His nomination threatens to turn the CFTC into a rubber stamp for the financial industry, unleashing excessive speculation, crypto hype, and legalized gambling. His record—detailed here—needs to be very carefully scrutinized before he is entrusted with the CFTC’s mandate to properly regulate and police the markets, and protect the American people and taxpayers from unreasonable risks from the financial industry’s profit maximizing activities.”
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.
