Senator Roberts Blasts Gensler’s Questionable Involvement in MF Global Rulemaking

WASHINGTON, DC – U.S. Senator Pat Roberts today blasted Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler’s role in developing recommendations for new regulations and rules following the bankruptcy of MF Global. These actions have occurred  even though the CFTC’s own investigation is not complete, and despite the Chairman’s own recusal of enforcement matters pertaining to MF Global.

“Once again, I find it odd and confusing that Chairman Gensler can partially recuse himself or ‘non-participate’ in matters regarding enforcement on MF Global, but he can direct the Commission staff to make recommendations on the matter. It appears the Chairman is trying to recuse himself solely from questioning before the Senate.” Roberts went on to say, “What is most concerning is that he is asking for these recommendations before the CFTC’s own investigation is complete and without stakeholder input. My constituents and victims of this bankruptcy who are missing thousands of dollars of their own funds ask me, ‘Just what is going on down there?’”

Senator Roberts learned of the Chairman’s actions in a letter he received from CFTC Commissioner Jill Sommers.  Commissioner Sommers  heads the Commission’s investigation into the MF Global Bankruptcy and the missing $1.2 billion in client funds. The letter can be found here.

Senator Roberts is Ranking Member of the Senate Committee on Agriculture, Nutrition and Forestry which has jurisdiction over the CFTC.

Recently, Roberts called for the CFTC to create a task force to review the findings from the MF Global bankruptcy and develop recommendations on how to ensure customer funds will be protected.

 

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