The top U.S. derivatives regulator is used to battling Wall Street. Now it's gearing up for a potential fight with its own employees.
In February, the Commodity Futures Trading Commission (CFTC) contracted to spend as much as US$420,000 on outside labor lawyers after its workers joined a union, public documents show. The CFTC retained the attorneys in case labor negotiations break down and the agency becomes embroiled in a legal dispute, said a person briefed on management's thinking who requested anonymity.
Tensions within the CFTC reached a flashpoint in December when employees grilled Chairman Timothy Massad about their compensation and benefits at an agency-wide meeting. The unrest comes at a pivotal time for the CFTC, which was transformed by the 2010 Dodd-Frank Act from a regulator of mainly agriculture futures to a front-line cop of the $700 trillion swaps market.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
