Home \ Newsroom \ House Committee Passes CFTC Bill that Protects Wall Street’s Derivatives Dealers rather than Main Street’s Families

House Committee Passes CFTC Bill that Protects Wall Street’s Derivatives Dealers rather than Main Street’s Families

Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, made the following statement about the House Agriculture Committee’s vote passing H.R. 4413  the re-authorization bill for the Commodity Futures Trading Commission (CFTC):

“This bill rolls back derivatives reform and puts American families at risk of Wall Street’s reckless derivatives gambling, which caused the last crisis. The regulators at the CFTC are the derivatives cops on the Wall Street beat. Indeed, they are the only agency standing between Wall Street’s high risk derivatives gambling causing another financial crash and Main Street, which will again get the bailout bill. 

“Yet, this legislation under-funds, undercuts and undermines the critically important work the CFTC is doing. It derails future reforms and rolls back past progress in bringing transparency, oversight and accountability to the dark, unregulated derivatives markets, which caused the last financial crash and economic crisis.  While the bill contains a few small victories, they are wrapped in a package of anti-reform, anti-Main Street provisions aimed at tying the hands of the underfunded derivatives regulator.  The very same Wall Street firms that caused the last crisis will cheer this bill, which needlessly endangers Main Street families, our financial system and economy.”

Detailed information about this anti-reform, anti-Main Street bill – including our view on specific provisions of the bill – can be found in our fact sheet.

 

Share This Article: