NTEU has a suggestion for members of Congress bent on shortchanging the Commodity Futures Trading Commission (CFTC): Use a portion of the huge penalties the agency will collect from Citibank to shore up the agency’s budget for next year.
|CFTC said last week it’s imposing $425 million in civil penalties—an amount far greater than the agency’s $250 million annual budget—on Citibank, N.A., and its Japanese affiliates.|
“This proves that CFTC delivers for the American taxpayer and holds the financial industry accountable. Imagine how much more effective it would be if Congress gives CFTC the funding it deserves,” NTEU President Tony Reardon said.
A bill approved by the House Appropriations Committee would keep CFTC’s budget for fiscal year 2017 unchanged from this year’s level. NTEU is fighting to increase the budget by $80 million, for a total appropriation of $330 million. More