Today Representatives Rosa DeLauro (D-CT), Peter Welch (D-VT) and Joe Courtney (D-CT) introduced legislation to fully fund the Commodities Future Trading Commission (CFTC) so it can crack down on the risky financial transactions that contributed to the 2008 financial crisis.
The Wall Street Accountability through Sustainable Funding Act will create a stable, sustainable funding mechanism for the CFTC. Currently the Commission relies on an annual appropriation from Congress to fulfill its mandate. The legislation being introduced today would fund the CFTC via transaction fees from all market participants, similar to the Security and Exchange Commission.
"Americans want accountability from Wall Street," said DeLauro. "That is why I am joining with my colleagues to introduce the Wall Street Accountability through Sustainable Funding Act, which will ensure that the CFTC has the tools it needs to protect American consumers and uphold the law. We need to put Main Street before Wall Street, and that means making sure that the CFTC has the resources it needs to do its job properly. We can do that through this bill."
"The near total collapse of the American economy in 2008 is a stark reminder that we need a cop on the beat to police Wall Street," said Welch. "Congress should do everything it can to ensure history does not repeat itself. Our legislation will ensure that one of the federal cops, the CFTC, has the resources it needs to do its job and protect consumers."
Courtney said: "High energy costs in Connecticut are a burden to small businesses, seniors on fixed incomes, and working families. Ensuring that the CFTC has the necessary resources to enforce the law and protect against unnecessary energy price hikes is critical to protecting and strengthening our economic recovery, and this bill will provide the stable funding CFTC needs to accomplish this goal."
Similar legislation was introduced last congress.