Public Statements & Remarks

Statement of Commissioner Caroline D. Pham on Reasonable Accommodation

May 23, 2024

Washington, DC—Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham released the following statement regarding the CFTC’s administrative order regarding J.P. Morgan Securities LLC announced today:

“I find it deeply disturbing that the CFTC did not provide reasonable accommodation to respect a religious holiday.  The CFTC demanded that legal submissions be produced on Yom Kippur.  I do not believe the CFTC would have done the same thing if it were Christmas Day.  This raises concerns regarding unequal treatment under the law based on religion.  The CFTC is not above the Constitution—no matter what.  These actions are yet another example of why I have called for a GAO study on the CFTC’s internal procedures.  While I support this significant settlement and remind all registrants that they must ensure diligent supervision under our regulations, that is no excuse for the CFTC’s apparent lack of respect for rights.”