Budget choices imperil US CFTC data storage: O’Malia
CFTC Commissioner Scott O'Malia, Chairman Gary Gensler for hiring more staff to carry out new regulations, while letting automated policing systems languish. "In my opinion, the chairman is playing a game of 'chicken' with Congress over the CFTC technology budget, and that is not a game where anyone wins," O'Malia told a derivatives industry conference.
"We can no longer achieve our mission and goals by throwing people at them. We need to leverage our investment in automated surveillance systems, eliminate human intervention in data collection and at a minimum, ensure that all forms filed with the commission can be filed electronically and retire the fax machine," he said.
Publication
Reuters
Date
January 25, 2011
Cross References (links may require a Cabinet subscription)
Dodd-Frank Act, Title VII