Chairman Gensler's Statement on CFTC Budget (with Dissenting Commissioners' Comments)

CFTC Chairman Gary Gensler delivered a speech on the CFTC's Fiscal Year 2014 Budget Submission. The budget estimates the need for an appropriation of $315 million. Chairman Gensler described the amount as only a $7 million increase in funding over the President’s FY 2013 Budget of $308 million. However, in a dissenting statement, Commissioner O'Malia described the request as "improbable"; "an increase of 52 percent above the current funding level of $206.6 [million]." Commissioner O'Malia went on to say, "[g]iven the vast deficit spending challenges this country is facing, I do not believe it is fiscally prudent for the Commission to make broad unsubstantiated appeals for massive budget increases without specifically identifying its mission needs and priorities." The dissenting statement of Commissioner Sommers was even harsher; she indicated that Chairman Gensler had not disclosed significant management decisions - i.e., the decision not to pursue enforcement actions - to her and the other Commissioners, and further said that Chairman Gensler's testimony before Congress was evidence that the CFTC had "gravely mismanaged our resources." CFTC Commissioner Chilton said, in support of Chairman Gensler's higher budget request - but effectively acknowledging that it would not be funded by Congress - "bring on the user fees."

View Statement in full here (links externally to CFTC website).Statements of Dissent: Commissioner O'Malia; Commissioner Sommers; Joint Statement by Sommers and O'Malia.See also: Commissioner Chilton on President's Proposed Budget for FY 2014.