Senator Bernie Sanders: Whistleblower
Proving once again that he’s possibly the only man in Congress actually concerned with the future of the middle/lower classes, Senator Bernie Sanders(I-VT) released confidential information on oil speculator positions leading up to the record oil costs in 2008. According to Reuters, Sen. Sanders released the information via email without revealing how he initially came into possession of the documents.
From Yahoo! Finance:
The leaked information has sparked concern at the Commodity Futures Trading Commission, which is legally prohibited from releasing confidential information that identifies trader positions and identities.
The leak also raises broader questions as U.S. regulators gear up to collect massive new amounts of private data from market players on everything from swaps and hedge funds to blueprints for how large financial firms can be liquidated. The breach of data could make Wall Street less reluctant to hand over sensitive information if they fear it is not appropriately safeguarded.
“This type of incident will have a chilling effect on derivatives trading in the U.S. because market participants will be reluctant to take the risk that their positions will be exposed to the public-and their competitors,” John Damgard, president of the Futures Industry Association, said in a statement sent to Reuters.
Republicans have already raised concerns in recent hearings about the Treasury’s new Office of Financial Research created by Dodd-Frank, and whether its collection of data from hedge funds and banks may constitute a regulatory overreach.
While members of the CFTC are not allowed to release information to the general public, members of Congress are allowed to request the information, and there are no laws barring them from releasing the information.