In
a move aimed at bolstering investor protection and enhancing law enforcement’s
ability to combat financial fraud, Christy Goldsmith Romero, a commissioner of
the Commodity Futures Trading Commission (CFTC), has proposed the creation of a
federal registry.
The
registry would serve as a centralized repository of information on past
financial fraud convictions and civil fines. It will provide more accessibility
to investors and law enforcement agencies.
Speaking
at an industry conference, Goldsmith Romero emphasized the need for a
comprehensive and searchable database of financial misconduct. It would empower
the public to make informed decisions and guard against fraudulent actors. She
stated: “This would be a comprehensive record that the public can easily
check before giving someone their money, their trust, and their business.”
How
the Financial Fraud Registry Aims to Protect Consumers
While
some regulatory bodies currently maintain databases of disciplinary actions and
consumer complaints, there is no national repository that allows for seamless
cross-referencing across federal agencies and state regulators.
The
proposed centralized registry would serve multiple purposes, including
identifying repeat offenders and acting as a deterrent against potential fraudsters.
Goldsmith Romero had previously suggested the registry during her tenure
overseeing a key 2009 financial crisis bailout program. She alleged that it is particularly relevant in the context of the cryptocurrency space. In March 2022, she
joined the CFTC as one of five commissioners.
She
noted: “We know that fraud is massively present in the crypto space, but
there’s so much disjointed information available to people trying to navigate it.”
In
her previous role, Goldsmith Romero successfully launched a database cataloguing
financial crimes related to the Troubled Asset Relief Program. This initiative
could potentially serve as a model for the larger national registry she
envisions, one that could involve federal regulators as well as state
regulatory bodies.
In
a move aimed at bolstering investor protection and enhancing law enforcement’s
ability to combat financial fraud, Christy Goldsmith Romero, a commissioner of
the Commodity Futures Trading Commission (CFTC), has proposed the creation of a
federal registry.
The
registry would serve as a centralized repository of information on past
financial fraud convictions and civil fines. It will provide more accessibility
to investors and law enforcement agencies.
Speaking
at an industry conference, Goldsmith Romero emphasized the need for a
comprehensive and searchable database of financial misconduct. It would empower
the public to make informed decisions and guard against fraudulent actors. She
stated: “This would be a comprehensive record that the public can easily
check before giving someone their money, their trust, and their business.”
How
the Financial Fraud Registry Aims to Protect Consumers
While
some regulatory bodies currently maintain databases of disciplinary actions and
consumer complaints, there is no national repository that allows for seamless
cross-referencing across federal agencies and state regulators.
The
proposed centralized registry would serve multiple purposes, including
identifying repeat offenders and acting as a deterrent against potential fraudsters.
Goldsmith Romero had previously suggested the registry during her tenure
overseeing a key 2009 financial crisis bailout program. She alleged that it is particularly relevant in the context of the cryptocurrency space. In March 2022, she
joined the CFTC as one of five commissioners.
She
noted: “We know that fraud is massively present in the crypto space, but
there’s so much disjointed information available to people trying to navigate it.”
In
her previous role, Goldsmith Romero successfully launched a database cataloguing
financial crimes related to the Troubled Asset Relief Program. This initiative
could potentially serve as a model for the larger national registry she
envisions, one that could involve federal regulators as well as state
regulatory bodies.
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- Source: https://www.financemagnates.com//fintech/us-regulators-bold-move-creating-a-federal-registry-to-fight-financial-fraud/
