CFTC's O'Malia says enforcement division is overreaching

The enforcement division of the Commodity Futures Trading Commission has at times tried to use procedural measures to begin investigations without a vote by the commission, according to Commissioner Scott O'Malia. "I take very seriously the responsibility to pursue investigations or to issue subpoenas that must be an action of the commission," O'Malia said, claiming the enforcement division's actions represented "a radical procedural shift in the authorization of investigations."

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