March 8, 2018

Public Citizen Challenges Closed Meeting Between the CFTC and SEC

Federal Agency Chair Tweets About Meeting With No Public Record, as Required by Sunshine Act

WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) inspector general should investigate whether its chairman violated provisions of the Government in the Sunshine Act, Public Citizen said.

Public Citizen sent the request to the CFTC inspector general after Chair Christopher Giancarlo on Feb. 27 tweeted about a meeting of commissioners from his agency and the U.S. Securities and Exchange Commission (SEC). The Government in the Sunshine Act requires notice of commission meetings, public participation and a public record.

Lisa Gilbert, Public Citizen’s vice president of legislative affairs and co-author of the letter to the CFTC, commented, “Setting public policy in private violates citizen rights. All financial regulators owe a duty to the public they protect to hold meetings in the sunshine.”

“The commission’s statutory obligations after the financial scandal and crisis serve as vital protections for consumers and investors,” said Tyson Slocum, director of Public Citizen’s Energy program. “The public deserves a full, independent investigation as to whether there was a Sunshine Act violation.”

The letter calls for an investigation and publication of the meeting participants and records, and how the participants were selected.