Barney Frank’s Statement Regarding the Barclays Bank Settlement
Congressman Barney Frank today released the following statement in response to news that the Commodity Futures Trading Commission, the U.S. Justice Department, and the British Financial Services Authority have reached a settlement with Barclays Bank over allegations that the bank had manipulated interest rates. Barclays has agreed to pay more than $450 million in total, including a $200 million penalty levied by the CFTC.
The success of the Commodity Futures Trading Commission in conjunction with the Justice Department and British regulators in achieving this significant settlement is one more strong argument against Republican efforts to deprive the CFTC of the funds it needs to be effective. In this one move, the CFTC is recovering more money than the Republican Congress will allow it to have for a budget for an entire year.