CFTC Chair Defends FY 2019 Budget Request

CFTC Chair J. Christopher Giancarlo defended the CFTC's "bare-bones, no waste, fiscally conservative, and mindful of taxpayer dollars" budget request for FY 2019. As previously covered, the CFTC requested $281.5 million and 716 full-time equivalents, which was the same request it made in FY 2018.

At a hearing before the U.S. Senate Committee on Appropriations, Subcommittee on Financial Services and General Government, Mr. Giancarlo asserted that this budget request was necessary in order to maintain the CFTC's regulatory duties and keep the U.S. derivatives market at the "highest quality." He urged Congress to provide the CFTC with additional resources in order to allow it to respond to market developments (especially in technology) in a "proactive" way that is "ahead of the curve." Mr. Giancarlo stated that additional funding would, among other things, allow the CFTC to: