Wednesday, March 23, 2011
In Letter to Sen. McConnell, Senate Democrats Urge Adequate Funding for CFTC
In a letter to Senate Minority Leader Mitch McConnell (R-KY), 48 Senate Democrats, including Majority Leader Harry Reid (D-NV) and Agriculture Committee Chair Debbie Stabenow (D-MI), urged the abandonment of the reckless proposal in the House-passed Continuing Resolution (H.R 1) that would reduce funding for the CFTC by one-third. The CFTC serves as an important cop on the beat, said the Senators, working to protect American consumers by cracking down on manipulation and other market abuses that can drive up oil prices. HR 1 would shrink the CFTC budget back to 2008 levels, when Americans were blindsided by both record high gas prices and a financial crisis that cost us millions of jobs. The letter noted that CFTC Chairman Gary Gensler has warned that these cuts would cause significant curtailment of CFTC staff and resources. The Senate has a responsibility to provide the financial watchdog the resources they need to fulfill their important oversight and regulatory responsibilities. The Democrats pledged to work towards a responsible budget compromise on CFTC funding.