DELAURO: FULL FUNDING OF CFTC NEEDED

March 22, 2012

for Oversight of the Oil and Financial Markets to Curb Speculation and Lower Gas Prices

Washington, D.C. – Congresswoman Rosa L. DeLauro (CT-3), member of the House Agriculture Appropriations Subcommittee, pressed her colleagues on the committee to support full funding for the CFTC, so that they can properly oversee the oil and gas markets and curb speculation and manipulation driving up oil prices. In December, DeLauro also introduced the Wall Street Accountability Through Sustainable Funding Act, which will create a stable, sustainable funding mechanism to fully fund the CFTC.

"Americans want accountability from Wall Street, but without adequate resources, the CFTC will not have the ability to properly oversee the risky financial transactions that caused the 2008 financial crisis and, more recently, the collapse of MF Global. We need to put Main Street before Wall Street, and that means making sure that the CFTC has the resources it needs to do its job properly."

The Congresswoman asked Chairman Gensler how underfunding of the CFTC would restrict the agency's ability to curb speculation and manipulation in the oil and gas markets. House Republicans last year supported cutting the CFTC budget by 44%, after the CFTC's mission was expanded from the $37 trillion commodity futures market to include the $300 trillion swap and derivatives market. This year Budget Committee Republicans defeated an attempt to fully fund the CFTC within the budget.

"We know that the volatile oil and energy prices are caused by speculation, not by supply and demand. With adequate funding, the CFTC will have the ability to rein in detrimental speculation and bring oil and energy prices down to their true levels. Americans have been feeling the pain at the pump and with summer driving season approaching families may have to curtail vacations. Until we control this rampant speculation, Wall Street will continue to profit at the expense of the American consumer," said Congresswoman DeLauro. "We now have a clear choice: either side with American taxpayers and consumers, or with Wall Street and Big Oil."