The Commodity Futures Trading Commission would have a bigger budget and stronger policing powers over the derivatives market, under legislation introduced in the U.S. Congress by Democrats Elizabeth Warren and Mark Warner in the Senate and Elijah Cummings in the House of Representatives.
Unfortunately, there is little hope that Republicans will ever let this important measure get the attention it deserves unless we make it uncomfortable for them to obstruct it. That is why we need funds to take this fight to the voters. Will you please donate $25 to help?
The only way to make sure that derivatives can never lead to a financial crisis and taxpayer bailouts again is to give the CFTC a stable funding stream, put in place clear rules and and allow stronger oversight. These are common sense measures aimed at preventing another massive financial meltdown.
The CFTC is funded through annual appropriations from Congress, unlike the Securities and Exchange Commission, which is backed by user fees and fines. This bill would make Wall Street pay the cost of regulators and enforcement, so working families do not have to subsidize billionaires.