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The following section includes high-level discussion of each of the five strategic goals and the tactical goal for Dodd-Frank Act rulemaking, as well as a detailed analysis and review of each performance measure (shortfalls and successes). The accomplishments demonstrate significant progress made in FY 2012 toward the achievement of the Commission's mission and strategic goals. However, in many areas progress was hampered by significant resource defiencies and reallocations in an attempt to maintain progress toward writing the new rules required under the Dodd-Frank Act. The law gave the CFTC and the U.S. Securities and Exchange Commission (SEC) oversight of the more than $250 trillion swaps market. The Commission and SEC are working hard to write these rules to make the swaps market more transparent and safer for the American public and market participants.
Budget constraints arising from a continuing resolution in FY 2011 and continued under-funding of the Commission in FY 2012 only added to the performance challenges faced by the Commission with its expanded role. It is expected that with continued budget constraints that Commission performance will not only diminish, but do so exponentially. These constraints on the CFTC over a time of expanding responsibility has resulted in having to reallocate staff resources to new and high risk areas only, preventing the Commission from fulfilling its mission and achieving a number of performance targets related to existing authorities. The Commission's APR reflects this resource challenge as staff diligently work toward finalizing each Dodd-Frank Act rule and attempting to maintain legacy operations.
Some performance measures described in the Strategic Plan are dependent upon the completion of rule writing. As a result, two of the 54 performance measures were considered "Not Applicable" during the FY 2012 reporting period. An additional four measures were also categorized as "Not Applicable", either remaining in development from the onset of the Strategic Plan newly implemented in FY 2011 or lacking activity to report. As the Commission completes work on rulemaking and data becomes available for the remaining two rule-dependent measures, they will be published along with relevant analysis and review narrative in subsequent APRs.
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||Met||Not Met|
|% of Total||46%||54%|
|1 Excludes six performance measures categorized as "Not Applicable" for FY 2012. (back to text)|
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