How a Little-Known Federal Agency's Decision To Ignore a Republican Commissioner Cost Taxpayers Millions

When an under-the-radar federal agency that regulates derivatives, the Commodity Futures Trading Commission (CFTC), launched an investigation into a U.S.-Canadian firm, its Republican commissioner, Caroline Pham, sounded the alarm. The investigation, she told the agency's attorneys during an August 2023 meeting, was sloppy, full of "shortcuts," and would ultimately result in a loss.

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