A prominent U.S. regulator, Christy Goldsmith Romero of the Commodity Futures Trading Commission (CFTC), has proposed the establishment of a federal registry to facilitate access to information about prior financial fraud convictions and civil fines. Speaking at a conference, she advocated for the creation of a searchable, centralized database of financial misconduct. The goal is to provide the public, investors, and law enforcement with an easily accessible resource to help guard against fraudulent activities.
Goldsmith Romero highlighted that while some regulators maintain databases of disciplinary actions or consumer complaints, there is currently no national database that enables comprehensive searches across federal agencies or state regulators. A centralized registry would not only empower individuals to make more informed decisions but would also aid the government in identifying repeat offenders and deterring potential fraudsters.
She originally proposed the registry several years ago when overseeing a critical financial crisis bailout program in 2009. In March 2022, she joined the CFTC as a commissioner. Her renewed interest in the registry stemmed from the prevalence of fraud in the cryptocurrency space and the challenges posed by fragmented information sources in that industry.
Goldsmith Romero’s prior experience involved launching a database for financial crimes related to the Troubled Asset Relief Program, which could serve as a model for a broader national registry involving federal and state regulators. Nevertheless, she acknowledged the challenges of determining a single agency to host the database and securing the initial funding required to establish it.
By FCCT Editorial Team
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