Senator Roberts Demands Gensler Clarify Role in CFTC Actions on MF Global

WASHINGTON, D.C. – Senator Pat Roberts (R-Kan.), ranking member of the Senate Agriculture Committee, today demanded that Commodities and Futures Trading Commission (CFTC) Chairman Gary Gensler clarify his role in CFTC actions regarding the collapse of MF Global.

Roberts made this demand following Chairman Gensler’s failure to respond to a previous request to clarify the date and scope of his recusal from these matters. It also follows today’s announcement of CFTC Commissioner Jill Sommers as senior Commissioner over CFTC Actions related to the MF Global Bankruptcy.

Below is the text of the letter sent today to Chairman Gensler:

“I write as a follow-up to my letter dated November 8, 2011 pertaining to your involvement with the Commodity Futures Trading Commission’s actions relating to the MF Global, Inc. bankruptcy. I am disappointed that I have yet to receive your formal response.

“I asked you to provide the details of your recusal and a copy of your official communication with the Designated Agency Ethics Official regarding your decision to “step aside.” I also asked who would oversee the Commission’s actions in your absence. Today the CFTC issued a press release announcing Commissioner Jill E. Sommers will act as the senior Commissioner for the agency in matters relating to MF Global, Inc. and that you had recused yourself from these matters. Once again, I respectfully request notification of the date you recused yourself along with the scope of your recusal.

“Now that the CFTC has taken an official action in regards to your involvement moving forward, the public should also be made aware of any action you took prior to your recusal and the appointment of Commissioner Sommers to this new position. What role did you play in CFTC’s response to MF Global, Inc.’s bankruptcy before your recusal, including any directives or informal actions that may have occurred?

“As ranking member of the Senate Committee on Agriculture, Nutrition and Forestry with oversight responsibilities over the CFTC, I request your prompt response.”

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