Gensler Says CFTC Doesn’t Have Budget to Enforce Dodd-Frank
February 10, 2011
The CFTC doesn't have the budget to enforce new derivatives regulations required under the Dodd-Frank Act, CFTC Chairman Gary Gensler told lawmakers. "We don't have the budget, the resources to oversee," Gensler said today at a House Agriculture Committee hearing on implementation of the regulatory overhaul. The agency may finish writing rules by mid-July and needs a budget increase to hire additional employees and improve technology to enforce standards for banks, hedge funds and large swap users, he said.
"A dramatic increase to fund the SEC and CFTC, as envisioned by the authors of the Dodd-Frank legislation, would further the mindset that our nation's problems can be solved with more spending," said Representative Scott Garrett, a New Jersey Republican who leads a Financial Services panel that oversees the two agencies.
Cross References
Dodd-Frank Act, Title VII