Statement of Commissioner Scott D. O’Malia
September 26, 2013
Last month, I declined to authorize the issuance of an omnibus order that sought to circumvent the powers of the Commission by proposing to extend its duration continuously through an absent objection process.
Today, the Division of Enforcement (DOE) has informed the Commission that it will instead seek Commission approval of extension of omnibus orders through a Commission vote, rather than by absent objection.
I appreciate DOE’s decision to reconsider its policy. It is imperative for the Commission to issue formal orders of investigation that are consistent with Congressional intent and that reflect the Commission’s collective opinion, based upon each Commissioner’s independent review of the merits of each request to authorize or extend investigations.
I am pleased to support DOE’s efforts to promptly and effectively investigate potential violations of the Commodity Exchange Act. As I have reiterated in the past, I am committed to review each enforcement matter in an expedited fashion so not to delay DOE’s important investigative work. I look forward to building on the continued efforts of DOE investigations and prosecution of wrongdoers in our markets.
Last Updated: September 26, 2013