March 17, 2011
By Bill Holland
If the US Commodity Futures Trading Commission's current $168.8 million annual budget isn't increased significantly, the agency will be able to finish writing the new rules implementing the Dodd-Frank financial reform bill, but won't be able to enforce them, CFTC Chairman Gary Gensler told a House of Representatives' appropriations subcommittee Thursday.
Painting a picture of a 676-employee agency needing an 82% increase in funding in the next two years to add the technology and staff it needs to police a flood of swaps trading, Gensler said any cuts in the administration's request for $261 million in fiscal 2011 and $308 million for fiscal 2012 would have an immediate and negative effect on its ability to ensure fair and transparent markets, particularly in swaps.
Worse, Gensler warned would be the immediate $57 million cut for the 2011 fiscal year envisioned by the Republican-controlled House's HR-1 budget bill…
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Last Updated: March 18, 2011