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Garrett Reacts to Obama Budget Proposal for New CFTC User Fees

Press Release

Location: Washington, DC

Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, today issued the following statement in response to the Obama administration's fiscal 2012 budget plan that proposes new user fees for entities regulated by the Commodity Futures Trading Commission (CFTC):

"The so-called user fees would be one more tax to drive up the cost of main street businesses who are trying to responsibly hedge their risk. They represent one more end-around to attempt to grow government even more, and done in this way, it would be outside the traditional congressional appropriations process -- an off-budget accounting gimmick that will hide the true cost and scope of the federal government

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