The following section includes high-level discussion of each of the five strategic goals and the tactical goal for Dodd-Frank rule making, as well as a detailed analysis and review of each performance measure (shortfalls and successes). The accomplishments demonstrate significant progress made in FY 2011 toward the achievement of the Commission's mission and strategic goals. However, in some areas progress was hampered by a significant number of staffing resources that were reallocated from existing authorities to implementing the new authorities under the Dodd-Frank Act. The law gave the CFTC and Securities and Exchange Commission (SEC) oversight of the more than $300 trillion swaps market. The Commission and SEC are working hard to write new rules to make the swaps market more transparent and safer for the American public.
Budget constraints arising out of a continuing resolution lasting throughout a large portion of FY 2011 only added to the performance challenges faced by the Commission with its expansive role. You will find in the chart below a trend comparing the request vs. appropriation dollars for the CFTC budget between FY 2008 – FY 2012. Continued budget constraints on the agency over a time of expanding responsibility has resulted in having to reallocate staff resources to new and high risk areas on an ongoing basis, preventing the Commission from achieving a number of performance targets related to existing authorities. The Commission's Annual Performance Report (APR) reflects this resource challenge as staff diligently work towards finalizing each Dodd-Frank rule and executing legacy responsibilities.
As Commission efforts continue to focus on finalizing rules related to the Dodd-Frank Act, there will be some performance measures described in the Strategic Plan dependent upon their completion. As a result, 6 of the 54 performance measures were considered "Not Applicable" during the FY 2011 reporting period and have been removed from the detailed analysis and review section of this annual report. An additional measure was also categorized as "Not Applicable", remaining in development from the onset of the Strategic Plan newly implemented in FY 2011. An update is provided for this measure. As the Commission completes work on rulemaking and data become available for these measures, they will be published along with relevant analysis and review narrative in subsequent Annual Performance Reports.
The following identifies the specific performance measures considered "Not Applicable":
The performance measures in this report are rated as: Exceeded, Met, or Not Met. Overall results for the Commission's performance measures are depicted in the following table:
|# of Measures1||Exceeded||Met||Not Met|
|% of Total||21%||36%||43%|
|1 Excludes 7 performance measures categorized as "Not Applicable" for FY 2011. (back to text)|