Statement of Commissioner Brian Quintenz Regarding CFTC’s FY 2019 Budget Request
February 12, 2018
I support Chairman Giancarlo’s FY 2019 $281.5 million budget request. The Chairman has undertaken a thoughtful and disciplined approach to determining the resources necessary for the agency to fulfil its mission and position it as a 21st Century regulator.
While the Chairman’s budget request increases the agency’s FTE (Full Time Equivalent) employees to 716, it is important to note that the agency’s FTE count has steadily decreased over the past three years due in part to flat funding. In FY 2016, the agency had 714 FTEs while in FY 2017 it had 689 FTEs and only 670 FTEs this year. From that perspective, the current request asks for roughly the same number of FTEs as three years ago. However, the composition of the Chairman’s proposed FY 2019 FTEs will be quite different from what the agency maintained in FY 2016 and will help realize the Chairman’s vision for the agency: increased interfaces with fintech advancements, robust and timely examination processes for clearinghouses, and enhanced econometric analyses of rules, products, and markets. I fully support this vision, and as the sponsor of the Commission’s Technology Advisory Committee, I am excited to play a role in advancing the agency’s understanding of, and participation in, innovative technological concepts in our markets.
We live in a world of scare resources. Every organization wishes it had more financial and human capital. Regardless of Congress’ ultimate appropriation to the agency, the CFTC remains dedicated to streamlining its operations and prioritizing its market regulation to best utilize the funding that it receives.
Last Updated: February 12, 2018