Chairman Xavier Becerra Votes To Protect Consumers & Our Economy

June 24, 2014

WASHINGTON, DC — Today, Congressman Xavier Becerra (CA-34), Chairman of the House Democratic Caucus, released the following statement after voting against legislation (H.R. 4413) that would weaken the Commodity Futures Trading Commission’s (CFTC) authority to protect the stability of our financial system:

“If Congress refuses to learn from the mistakes of the past, it will be doomed to repeat them. After the economic crisis of 2008, our nation’s lawmakers strengthened the Commodity Futures Trading Commission to help prevent another financial meltdown from ever happening again.

“Unfortunately, the bill passed today would intentionally burden the already-underfunded watchdog agency with new, onerous requirements that would make it more difficult for the CFTC to do its job. Instead of opening the door to reckless market manipulation and putting our economy at risk, Congress should work to strengthen financial agencies like the CFTC and stabilize their funding so they can continue to protect consumers and investors. It’s time to pass legislation that builds an economy that works for all Americans, not just the wealthy few.”