CFTC - Dissent of Commissioner Scott D. O'Malia To Fiscal Year 2012 President's Budget Performance Plan

Dissent of Commissioner Scott D. O'Malia To Fiscal Year 2012 President's Budget Performance Plan

July 8, 2011

CFTC Commissioner Scott O'Malia dissents from the CFTC's spending plan, which he complains "continues to concentrate resources on an ever-expanding staff hiring plan that is both fiscally unsustainable and detrimental to the Commission's already ailing technology programs." O'Malia argues as he has in the past for allocating more resources to technology rather than humans. "This spending plan proposes to hire 50 additional federal employees-12 of which will implement internal reorganization in support of new Dodd-Frank authorities-and an undisclosed number of contractors. . . . Rather than seizing the opportunity and support provided by Congress to invest in technology reserved for Dodd-Frank reforms, the Commission spending plan now proposes to invest just $5.4 million of the $18 million requested for Dodd-Frank."

Cross References

Dodd-Frank Act, Title VII