Acting Commodities Futures and Trading Commission (CFTC) Chairman Caroline Pham has issued a statement defending herself against claims made in a Bloomberg article.
Pham was appointed Acting Chair as the Trump Administration took over the federal bureaucracy. In the minority during the Biden Administration, now regulatory agencies like the CFTC are controlled by Republicans who are aligned with President Trump’s vision of the government, including support of digital assets and Fintech innovation.
In a statement issued by the CFTC, the agency noted that unnamed sources referenced in the Bloomberg article made comments that were baseless describing them as an attempt to smear the Acting Chair. The claims swirl around the removal of the former CFTC’s chief diversity officer, who apparently led an internal investigation into alleged staff complaints against Pham, claiming a hostile work environment. Typically, transitions between administrations tend to be relatively smooth and routine.
A chief diversity officer would most likely pursue political ambitions regarding DEI. Trump has moved quickly to remove aspects of DEI or Diversity, Equity, and Inclusion policies throughout the Administration – a promise he made during his campaign. DEI has become a divisive political ideology strongly affiliated with Democrats, with Republicans describing DEI as a new form of racism defining individuals based on race or identity as opposed to ability or merit.
Other allegations emerging from Biden administration officials at the agency include claims made by the former CFO who allegedly “pushed back on her [Pham’s] requests to fly business class” and stay at nice hotels.
The CFTC statement said the Bloomberg article was “not fact-checked” as it did not confirm the allegations with the CFTC.
The CFTC also stated that the former head of Human Resources was removed from her position pending an internal investigation into failures to address several HR matters, including:
- Concerns raised by a federal judge and a former United States Attorney about false statements to the court and other alleged misconduct by Division of Enforcement staff;
- Reports that unionized CFTC staff were working remotely from outside of the United States, jeopardizing agency cybersecurity and violating agency policy and applicable laws; 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.
The above issues have been referred to the CFTC’s Office of Inspector General.
The CFTC statement added that Pham complied with all laws, regulations, and agency policies.