Member Log-in
User Name  
Forgot User/PWD? Not yet registered?

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

Election 2016FAIR PAY Ask lawmakers for a 5.3 percent pay increase for calendar year 2017.

BOOST IRS FUNDING Support adequate funding for the IRS.

PAID PARENTAL LEAVE Ask your representatives to support six weeks of paid parental leave.

NTEU Urges House Panel to Boost IRS Funding
Slashing the IRS budget once again would devastate the struggling agency and make it even harder for front-line employees to help Americans with their tax problems. (Read the letter)

Reardon Testifies on CBP Staffing Needs

Continuing Funding, Staffing Problems at IRS This Tax Season (Get an infographic)

IRS Data Book Records Steady Drop in IRS Workforce Numbers

Senate Bill Seeking 5.3 Percent Federal Pay Raise Wins NTEU Backing

Retiree News and Information

Retirement folder

Retired or preparing for retirement?

Get news, information and advice on federal retirement.

Read All About It
Twitter Facebook RSS feed

Read our press releases, see how NTEU is making news today and get a round up of the Month in Media.

  e-mail NTEU

NTEU National Office
1750 H Street, NW
Washington, DC 20006
(202) 572-5500 • E-mail us

1750 H Street, N.W., Washington, D.C. 20006 - (202) 572-5500
© 2013 National Treasury Employees Union. All rights reserved.
If you have any questions about this website, please contact Webmaster
Privacy Statement