The CFTC has hit back at Bloomberg’s claims of policy infringement by acting CFTC chairman Caroline Pham, calling the statements “an unfortunate attempt by disgruntled individuals that are under investigation to distract from the CFTC’s important mission”.
According to Bloomberg, anonymous sources at the CFTC have claimed that acting chairman Caroline Pham is removing from post those who have opposed her historically, infringing internal policies and executive orders.
Quiet personnel changes at the CFTC include the removal of Joel Mattingly, chief financial officer, and Marti Tracy, chief human capital officer, according to anonymous sources at the commission.
In her role, Tracy had been working on an investigation into Pham’s treatment of employees, Bloomberg’s sources said. The CFTC clarified that Tracy was removed from her post as part of an internal investigation into failures to address HR matters, which included allegations of misconduct by division of enforcement staff and “targeting Republicans illegally in violation of the First Amendment, including senior officers of the United States and Presidential appointees that are protected from the Biden Administration’s politically motivated attacks.”
Criticisms of Pham’s treatment of employees were first formally raised in 2023, when a complaint against her was filed by the National Treasury Employees Union. In the individual and institutional grievance report, staff alleged: “The CFTC has improperly allowed Commissioner Caroline Pham to reportedly intimidate, harass and abuse other CFTC employees in public, which has created and fostered a hostile work environment for all bargaining unit employees (BUEs) who must necessarily interact with or encounter Pham in their professional capacities.”
“BUEs are now afraid to do their work that requires them to interact with Pham, to speak up in defense of their right to be free from her intimidating, hostile or abusive conduct in the CFTC workplace, and/or to approach the Union with their concerns for fear of retaliation by Pham.”
The report also highlighted Pham’s open dislike for the CFTC’s enforcement division, expressed in both dissenting statements and public social media posts. Her complaints were often against broad enforcement measures and regulation by enforcement.
Last week, Pham announced a reorganisation of the enforcement division and stated that a simplified structure would prevent regulation by enforcement. She added: “These much-needed changes will maximise the CFTC’s resources to bring more actions to pursue fraudsters and other bad actors, and not punish good citizens.”
Mattingley, who has been at the CFTC since 2014 and been chief financial officer since 2020, has criticised Pham’s travel expenses – such as business class upgrades and luxury hotel stays – on several occasions, CFTC staff told Bloomberg.
On these accounts, the commission stated: “Claims about Acting Chairman Pham’s travel are categorically false. All aspects of Pham’s travel have been reviewed and approved by agency officials […] with voluminous supporting documentation.
“Any personal travel by Pham, including business class travel, hotel stays, and commuting expenses, was paid for with personal funds and was not paid by the CFTC and is substantiated with receipts.”
It concluded: “At all times, Pham complied in full with all laws, regulations, and agency policies.”
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