WASHINGTON (Reuters) - The top U.S. derivatives regulator said on Thursday his agency needs new powers from Congress to impose bigger fines on firms and individuals who break the law, saying current fines are paltry and do not deter misconduct.
The current penalty for most violations is $140,000, Commodity Futures Trading Commission Chairman Tim Massad told the Senate Agriculture Committee in testimony.
“$140,000 is not appropriate given the size, scale and complexity of these markets,” he told lawmakers.
Reporting by Sarah N. Lynch; Editing by Susan Heavey
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