Today Representatives Rosa DeLauro (D-CT), Peter Welch (D-VT) and Joe Courtney (D-CT) introduced legislation to fully fund the Commodities Futures Trading Commission (CFTC) so it can fulfill the promise of the 2010 Dodd-Frank Wall Street reform law by ensuring open and transparent financial markets. Just yesterday a new report was released that indicates the financial industry is unable to police itself, demonstrating why the CFTC needs more resources to crack down on risky financial transactions.
The Wall Street Accountability through Sustainable Funding Act would 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 require the CFTC to collect modest transaction fees from market participants, similar to the Security and Exchange Commission, and other financial regulators. Similar legislation was introduced in each of the last two congresses.
"Americans want accountability from Wall Street," said DeLauro. "That is why I am joining with my colleagues to reintroduce the Wall Street Accountability through Sustainable Funding Act, which would 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: "This bill will give the CFTC the tools it needs to enforce the law and protect small businesses, seniors on fixed incomes, and working families from energy price spikes caused by Wall Street speculation--not shortages. I thank Congresswoman DeLauro for her leadership on this issue, and look forward to working to pass this bill and rein in costly speculation."