As the Obama Administration budget was announced today, the Commodity Futures Trading Commission (CFTC) seems to be the agency left out in the cold at a time when regulating over the counter derivatives (OTC) has been identified as a key strategic economic concern. With between $400 and $600 trillion in previously unregulated derivatives, a significant market crash could literally wipe out the world economy, valued at just over $70 trillion. In the budget proposal, the Securities and Exchange Commission (SEC) was allocated $1.7 billion, representing a slight increase over what had been anticipated. By contrast the CFTC was allocated $280…
On This Page
- Amidst credible warnings of derivatives implosions, cutting CFTC budget could be a trigger point for next crash
- Powerful Wall Street bank lobby opposes derivatives regulation
- CFTC is like Cinderella – they clean up the mess while their siblings attend the ball in grand style
- Disrespect shown to important derivatives regulator generates outrage
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