U.S. Senator Jerry Moran (R-Kan.), a member of the Senate Banking Committee and the top Republican on the Senate Financial Services and General Government Appropriations Subcommittee, made the following statement today concerning the troubling revelations in the press about the collapse of Peregrine Financial Group Inc:
"During just the past few months, CFTC Chairman Gary Gensler has stood over two unique and unprecedented failures whose damage to market integrity will be hard to overcome. For far too long, Chairman Gensler has seemingly been more preoccupied with his Dodd-Frank Act power grab than with his core responsibilities. On two occasions, the most basic requirement to protect the sanctity of customer accounts has been neglected and hundreds of millions of dollars have been lost. This is not a question of resources but of prioritization and of resolve. The ultimate responsibility to ensure market confidence rests at his door and for that reason, I believe it is time for Mr. Gensler to resign."