WASHINGTON, D.C. – U.S. Senator Pat Roberts (R-Kan.), ranking member of the Senate Committee on Agriculture, today announced his concern over the timing and circumstances of Commodities Futures Trading Commission (CFTC) Chairman Gary Gensler’s recusal from the CFTC’s handling of the MF Global bankruptcy.
“I have many questions regarding Chairman Gensler’s recusal from enforcement measures on behalf of the CFTC and MF Global,” said Roberts. “It took three days for him to recuse himself, and in the meantime he participated in meetings and calls on the issue. It was a full nine days before he filed a letter with his ethics officer, and still many more days before he could answer two of my requests for more information on his specific actions.
“Had the chairman simply cited his previous relationship with MF Global CEO Jon Corzine and immediately and officially recused himself, there would not be need for further examination,” Roberts said. “Unfortunately, there are many grey areas we now need to explore.”
The details about the recusal were learned in a letter Chairman Gensler sent to Sen. Roberts in response to two letters from Sen. Roberts requesting information about the scope and timing of the chairman’s recusal. Chairman Gensler recused himself due to his relationship with former MF Global CEO Jon Corzine.
A copy of Chairman Gensler’s letter can be found here.
Sen. Roberts has been outspoken about the need to immediately return millions in frozen MF Global client funds, especially to farmers, ranchers and investors in Kansas and around the nation facing severe hardship. Sen. Roberts has called on Agriculture Committee Chairwoman Debbie Stabenow (D-Mich) to hold a hearing focused solely on MF Global and has also called on her to ask former MF Global CEO Jon Corzine to testify. The Senate Agriculture Committee has jurisdiction over CFTC.