For Release: December 17, 2008
Washington, DC – Commodity Futures Trading Commission (CFTC) Acting Chairman Walt Lukken announced today that, for the fourth consecutive year, the agency earned a clean audit opinion on its fiscal year (FY) financial statements. The FY 2008 report also shows the CFTC in substantial compliance with all financial laws and regulations, with no material weaknesses or significant deficiencies in its internal controls.
“The CFTC and its staff are dedicated to serving as responsible stewards for the American public. The clean audit report for 2008 demonstrates the agency’s commitment to fulfilling its important market oversight mission while maintaining high standards for performance and financial integrity,” said Lukken.
The financial report is similar to a corporation’s annual report to shareholders. It presents fiscal and high-level performance results that enable the President, Congress, and the American people to assess the agency’s performance and audited financial statements.
The CFTC is responsible for overseeing a vast array of highly complex financial futures contracts. The CFTC’s principles-based regulatory model, coupled with a strong enforcement emphasis, has allowed the agency to successfully oversee the dynamic U.S. futures and commodity option markets. The number of actively traded contracts on U.S. exchanges has more than quintupled in the last decade. During the last six years, the CFTC filed 43 enforcement actions, charging a total of 73 companies and individuals with manipulation, attempted manipulation and/or false reporting in the energy markets.
The CFTC FY 2008 Performance and Accountability Report can be viewed on the Commission’s website.
R. David Gary
Last Updated: December 17, 2008