Republican Senators are questioning a top regulator’s decision to recuse himself from an investigation into the collapse of MF Global Holdings Ltd. Commodity Futures Trading commission Chairman Gary Gensler argues that by recusing himself, he is keeping his ties to former MF Global Chairman Jon Corzine from becoming a distraction from the agency’s investigation. But Republican Senators believe the decision appears to reflect an attempt to avoid congressional accountability for his agency having missed apparent rule violations at the company.

Senator Mike Johanns says he didn’t believe Gensler’s argument. Gensler worked at Goldman Sachs Group Inc. while Mr. Corzine was running the investment bank in the 1990s. Johanns said – to me, it looks like you’re ducking the responsibilities of your job. When this got uncomfortable, because money isn’t there that should be there, and for whatever reason you folks didn’t discover that until it looks like it’s too late, you don’t want to come up here and answer questions.

Mr. Corzine, a former U.S. Senator and Governor of New Jersey, is expected to testify before the House Agriculture Committee on Thursday. The CFTC is leading the regulatory probe into the missing money. Senator Charles Grassley urged the CFTC head to recuse himself from the agency’s investigation last month, saying it was difficult to believe he could be – completely objective. But Senator Bob Corker charges that his recusal – was more about a career-enhancing situation to avoid accountability.