a brief summary to help those who have very limited time on hand:
The NFA, as a quasi-governmental agency, enjoys very little liability for their action or inaction under the pretense of facilitation of their purpose. After all, if there’s the risk of them getting sued for every member responsibility action, it becomes difficult for them to do their job. However, despite this luxury, they are not held to any of the other standards we assign to governmental agencies – including transparency.
While the House Committee on Agriculture called for us to, in essence, clean up our own mess, we cannot do that without the transparency necessary to compel accountability. The PFGBest case has highlighted incompetency, but in its wake, allegations raised cast serious doubt on their hiring policies, consistency in application of the rules, and responsiveness to members. As Commissioner Chilton said himself today, “The regulators should be held accountable.”
To remedy this, we would argue that the CFTC should compel heightened transparency to facilitate this accountability, including, but not limited to:
Requiring release of board meeting minutes as a matter of public record
Requiring release of materials used in member responsibility action formation as a matter of public record
Requiring quarterly public meetings with the NFA leadership and board with an open questioning period
Institution of a “vote of no confidence” stipulation in the bylaws, allowing for the industry to unseat the NFA president by membership vote should 10% of the membership base call for consideration
These are trying times, and we thank you for your drive to protect clients. We hope you will take these proposals into consideration.
Last edited by nakachalet; August 14th, 2012 at 05:46 AM.
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