Senator Roberts Seeks Clarification of Gensler Role in CFTC Actions on MF Global

WASHINGTON, DC – Following news of the collapse of MF Global, U.S. Senator Pat Roberts (R-Kan.), ranking member of the Senate Committee on Agriculture, Nutrition and Forestry, which has jurisdiction over the Commodity and Futures Trading Commission (CFTC), sought clarification on the role of CFTC Chairman Gary Gensler in actions regarding MF Global given his past relationship with former MF Global CEO Jon Corzine.

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

“I write regarding actions related to the bankruptcy of MF Global. Based upon conversations between our offices and recent press reports, I understand that you have decided to ‘step aside’ from participating in the Commodity Futures Trading Commission’s actions relating to matters involving MF Global. The purpose of this letter is to seek clarification of your decision.

“Specifically, on what date did you take this action? Have you recused yourself from all matters pertaining to MF Global? If so, have you met with your Designated Agency Ethics Official to develop an official recusal letter that includes the terms of your recusal? If you have prepared such a statement, I respectfully request a copy of the letter.

“If you have not officially recused yourself, what is the scope of your decision? Is your participation in meetings and discussions determined on a case-by-case basis? If so, what are the parameters by which you decide to participate or not participate in meetings? Does your action apply only to discussions involving the MF Global investigation, or does it also include any rulemaking or other commission actions that could affect MF Global and those associated with its bankruptcy?

“Finally, in your absence from these matters, who will oversee the commission’s actions? Has action occurred pursuant to 17 CFR 140.13 to elect an acting chairman for matters pertaining to MF Global? If this has occurred, can you advise me who will speak on behalf of the commission for future inquiries regarding MF Global?

“Thank you for your attention to these questions, and I look forward to your prompt response.”

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