Democratic Amendment Seeks to Prevent Layoffs at CFTC

Video Description

"I urge support for this amendment to ensure our derivatives cop can protect our financial markets and economy. Make no mistake, even with this amendment, inadequate Republican funding for the CFTC furthers a larger effort to undermine the oversight of derivatives. While more funding is needed, this measure will at least prevent layoffs. The CFTC thwarts Wall Street from manipulating the price of things like oil, corn, and gold. Without it, every American will feel the pain at the pump and the dinner table. The CFTC enforces laws Democrats enacted to rein in companies like AIG -- whose activities led to the worst financial crisis since the Great Depression. Despite overwhelming need, Republicans would undercut the CFTC under the guise of a modest IT increase -- believing that if it just had the right computers, the CFTC could eliminate employees. What they don't understand is that it takes real people to bring about justice and accountability. With funding far below the requested amount, the CFTC cannot operate without temporarily closing or sacking valuable talent -- causing immediate harm to our markets, with delays to agency guidance to investors and businesses; examinations of companies entrusted with your funds; punishment of bad actors; and recovery of victims' money. This is a continuation of an effort by Republicans and special interests to undercut laws and regulations that protect consumers. I am not going to stand for it, and urge you to support this amendment."