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CFTC to Recover More Than Its Budget in Fines

 



 


While some in Congress try to shortchange the Commodity Futures Trading Commission (CFTC), the agency announced that it imposed $425 million in civil penalties, an amount far greater than its $250 million budget, underscoring the value it provides to taxpayers and the American economy.

The penalties stem from just two enforcement actions. One involves a $250 million civil penalty against Citibank, N.A., and the other imposes a $175 million penalty against Citibank, N.A., and its Japanese affiliates for a variety of alleged financial violations.

“Just these two enforcement actions proves that CFTC delivers for the American taxpayer and holds the financial industry accountable. Imagine how much more effective CFTC could be if Congress gives it the funding it deserves,” said National President Tony Reardon.

The House Appropriations Committee has approved a measure that would freeze the CFTC’s fiscal year (FY) 2017 budget at this year’s level of $250 million. NTEU is fighting to increase that amount by $80 million, for a total appropriation of $330 million. Reardon said Congress could provide the necessary funding by using a portion of the $425 million in civil penalties.

“There’s no excuse for underfunding CFTC given this announcement,” Reardon said.

CFTC isn’t the only financial regulatory agency under attack. NTEU is fighting attacks on the Securities and Exchange Commission (SEC), Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB). More

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