Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the Commodities Future Trading Commission will be forced to furlough personnel for as many as 14 days in 2014 because of cutbacks in funding due to the sequester:

“I’m deeply troubled, though not surprised, to learn that the Commodity Futures Trading Commission will need to furlough staff for as many as 14 days during fiscal year 2014 because of the across-the-board cuts known as sequestration, which has caused significant funding shortfalls.  This news is particularly devastating as it comes on the heels of a government shutdown that practically closed the CFTC for more than two weeks. The CFTC is currently funded at a level that’s more than 60 percent below the President’s request—a level insufficient to ensure oversight of opaque, often high-risk derivatives trading, which devastated our economy in 2008. I call on my Republican colleagues fully fund our nation’s derivatives cop before more harm is done to America’s agriculture, manufacturing and business sectors.”

###

 

Articles:

• Cash-starved U.S. swaps watchdog to furlough staff in 2014, Reuters
  
   
• Sequester leaves CFTC workers facing two-week furloughs, The Hill
  
   
• CFTC to Furlough Workers After Collecting $1.7 Billion, Bloomberg