WASHINGTON, DC – Congressman Jim Himes (CT-4) today fought a House Republican effort to undermine the Commodity Futures Trading Commission’s (CFTC) ability to rein in the dangerous behavior in the derivatives markets that helped fuel the 2008 financial crisis.
Himes, along with Rep. Rosa DeLauro (CT-3) and Rep. Maxine Waters (CA-43), introduced an amendment to restore funding that will help the CFTC fulfill its mandate to protect consumers and police bad actors on Wall Street. Himes played a key role in writing the Dodd-Frank Wall Street reforms that gave the CFTC authority to monitor the derivatives markets.
“It is utterly irresponsible for Republicans to undercut the CFTC's ability to protect consumers and police the reckless gambling that helped trigger the worst economic catastrophe in generations. One of the Dodd-Frank law’s crucial achievements was to drag the vast, unregulated derivatives markets into the light of day. This effort to undermine the CFTC is a step backward that we cannot afford.”
Click here to watch Himes’ full remarks on the House floor.
The Himes-DeLauro-Waters amendment restores $15 million for the CFTC’s enforcement capabilities by shifting the bill’s allocation for information technology back to its current level. The amendment, which was offered to legislation (H.R. 4800) that funds the CFTC and agriculture programs, does not cut the CFTC’s total funding or its IT budget.
The House Republican Majority’s agriculture appropriations bill provides $217.6 million for the CFTC, which is 22 percent less than President Obama's request.