Democratic Amendment Seeks to Prevent Layoffs at CFTC

Press Release

As the House of Representatives considers a funding bill for the nation's agriculture programs, Congresswoman Maxine Waters (D-CA) took a strong stand against Republican efforts to weaken the important role of the Commodity Futures Trading Commission (CFTC) in protecting American consumers and the economy itself.

The Ranking Member of the Financial Services Committee and Rep. Jim Himes (D-CT) joined Rep. Rosa DeLauro (D-CT), who offered an amendment that would halt Republican efforts to restrict funding in ways that would undercut the Commission's work policing Wall Street's most risky actors.

Specifically, the appropriations bill effectively cuts resources for examiners, enforcers and other employees by directing a significant portion of funding for use on Information Technology (IT). This provision, combined with underfunding at a level 22 percent below the Administration's request, would likely result is furloughs and layoffs at the CFTC.

The amendment restores funding for these critical personnel. It does not cut the CFTC's total funding or its IT budget, rather provides the same flexibility given in years past. Unfortunately, Republican rules prevent amendments calling for funding increases without harming other programs.

For years, Republicans have attempted to undermine the CFTC's important role in our financial system. This measure is just the latest chapter, targeting the Commission's ability to provide guidance to investors and businesses, examine companies entrusted with the funds of everyday Americans, punishing bad actors and returning funds to wronged customers, among many other responsibilities.

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