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Gensler says CFTC needs more funding, staff

Gary Gensler

CFTC Chairman Gary Gensler recently emphasized that the commission needed increased staff and funding, echoing a statement he has made multiple times throughout the year.

Gensler said at a Futures Industry Association conference in Florida that without appropriate funding, the agency cannot “adequately oversee the futures and swap dealers,” FINS Finance reports. Despite limited resources, Gensler pledged that the CFTC would finalize the Dodd-Frank rules that the commission is responsible for.

“A well-resourced CFTC is important to many of you in this room,” Gensler said to the audience of futures industry participants, according to FINS Finance. “The industry benefits from a well-resourced agency. Without sufficient funding, we can’t respond to your concerns.”

Gensler spoke during a media briefing following the speech, noting that he has mentioned to Congress that the commission needs significantly more staff in order to perform regulatory duties.

The CFTC employs approximately 700 people, a 10 percent increase since the 1990s, but the market has grown by 30 percent since then, Gensler said. The commission has been subject to periodic budget freezes that diminish the agency’s ability to hire additional staff.

Gensler added that as his April 13 term expiration date as chairman nears, he expects to retain his position for some time after, FINS Finance reports.

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