CFTC Enforcers Skip Commission Votes on Probes, O’Malia Says
This article is for subscribers only.
Enforcement lawyers at the U.S. Commodity Futures Trading Commission have circumvented formal agency votes to begin investigations unilaterally, according to Scott O’Malia, a Republican member of the commission.
The lawyers at the top U.S. derivatives regulator are using a summary process that doesn’t require a vote by the agency’s members who are confirmed by the Senate, O’Malia said in testimony at a House Agriculture Committee hearing today.