Financial regulators will soon be able to collectively bargain.
Several hundred federal employees at the Commodity Futures Trading Commission can now collectively bargain for the first time, after selecting union representation last week.
About 370 CFTC employees will be represented by the National Treasury Employees Union, after the workers overwhelming selected the group in elections held over the last two weeks.
“We welcome these CFTC employees to NTEU,” NTEU National President Colleen M. Kelley said. “They looked at NTEU’s record of success at other financial agencies and will now have the same level of representation for themselves. NTEU is proud to represent them and ready to get started.”
NTEU already represents employees at the Securities and Exchange Commission, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau and other financial regulatory agencies, which Kelley said gives the union the experience it needs to succeed with CFTC.
“CFTC employees provide a valuable service by protecting the public from fraud, abusive practices and risk related to derivatives. Advocating for their fair and equitable treatment will be our top priority,” Kelley said. “We seek a collaborative relationship with CFTC management to help the agency fulfill its mission.”
NTEU will establish a chapter specifically for CFTC employees, with bylaws and leaders chosen by a vote. The union will then “take steps to begin negotiating a collective bargaining agreement,” according Kelley.
The employees winning representation work in Washington, D.C.; Kansas City, Mo.; and Chicago. Only a select number of CFTC employees in the New York office were previously unionized.