WASHINGTON (Reuters) – The U.S. Commodity Futures Trading Commission will reorganize its Division of Enforcement’s task forces to end “regulation by enforcement” and instead focus on combating fraud and helping victims, CFTC’s acting chairman said on Tuesday.
The agency, which polices commodities and swaps markets, will be folding previous task forces into two new units targeting complex fraud and targeting retail fraud and general enforcement, the CFTC said in a statement.
CFTC Acting Chairman Caroline Pham said in the statement the new structure will “stop regulation by enforcement” and maximize the agency’s resources to target fraudsters and other bad actors.
Paul Hayeck, a deputy director of enforcement, will serve as acting chief of the complex fraud task force and Charles Marvine, also a deputy director of enforcement, will be acting chief of the retail fraud team.
Pham was tapped to serve as acting chair on Jan. 20, when Republican Donald Trump was sworn in as U.S. president. At the time, she pledged to work constructively with stakeholders.
(Reporting by Katharine Jackson in Washington and Ismail Shakil in Ottawa; Editing by Marguerita Choy)
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