Statement of Commissioner O'Malia on CFTC's Fiscal Year 2013 Report to Congress

In a statement released regarding the CFTC's fiscal year 2013 report to Congress, Commissioner O'Malia suggested that the CFTC "missed a great opportunity" relating to customer protection, and urged the Commission – as a part of its pending strategic plan – to develop a more "comprehensive and technologically savvy" customer protection program.

Citing how, in fiscal year 2013, the CFTC spent only about $1 million on the whistleblower program and customer education initiatives, Commissioner O'Malia stated that the CFTC's efforts to protect the American public from fraud and other market abuses would prove far more effective if non-appropriated funding from the Customer Protection Fund could be put toward improvements in technology initiatives.

See: Commissioner O'Malia's Statement.Related news: Keynote Address by Commissioner Scott D. O'Malia at New Risk in Energy Conference 2014 (with Lofchie Comment) (April 7, 2014); CFTC Acting Chair Wetjen and Commissioner O'Malia Issue Statements Regarding End-User Issues (with Patel Comment) (April 3, 2014); CFTC Commissioner O'Malia Delivers Speech Discussing Technology and the Future of Financial Standards (with Lofchie Comment) (March 25, 2014); CFTC Commissioner O'Malia Issues Statement of Dissent on FY 2015 Budget Request (with Lofchie Comment) (March 5, 2014).