“We’re doing the best we can with very limited staffing,” Chilton said.
The settlement follows a 17-month investigation by the regulator into the so-called “London Whale” trading debacle in which JPMorgan lost more than $6 billion, causing turmoil in the financial markets.
JPMorgan’s acknowledgement of wrongdoing comes amid mounting pressure on regulators to force bad actors on Wall Street to admit guilt.
“I commend JPMorgan for what they’re doing – for taking responsibility,” Chilton said. “I hope that’s a sign to others on the Street that they’ve got to stand up and do what’s right in these circumstances.”
The CFTC, already relatively small compared to other financial regulatory agencies, has been decimated by the government shutdown. All but roughly 30 of the agency’s 680 personnel were sent home when the government ran out of money more than two weeks ago.
By comparison, none of the more than 4,100 workers at the Securities and Exchange Commission (SEC) has been furloughed.
“We really are not overseeing markets right now,” Chairman Gary Gensler told The Hill last week. “It’s cursory at best.”