Hire Wire Mar 14 2012

CFTC Needs More Staff, Money, Gensler Says

By julie steinberg

Chairman Gary Gensler of the Commodity Futures Trading Commission reiterated the need for more staff and funding for the agency, a call he's made several times over the past year.

Speaking at the Futures Industry Association conference in Boca Raton, Florida, Gensler said without sufficient funding, the agency is unable to "adequately oversee the futures and swap dealers." The agency currently employs 700 people, about 10% more than in the 1990s, but the market has grown 30%, Gensler said.

"A well-resourced CFTC is important to many of you in this room," he said, speaking to an audience of several hundred futures industry participants.

Though resources are limited, Gensler promised the CFTC would finish the rules mandated under Dodd-Frank financial reform. "The industry benefits from a well-resourced agency. Without sufficient funding, we can't respond to your concerns."

In a media briefing after the speech, Gensler said he has told Congress that the agency needs "significantly more staff" to conduct examinations of the dealers it overseas.

The CFTC has suffered periodic budget freezes that have prevented the agency from expanding its ranks, despite increased responsibility under Dodd-Frank.

Separately, Gensler said in the briefing that though his term as chairman expires April 13, he expects to stay in his position "long past" that date.

Write to Julie Steinberg at Julie.Steinberg@dowjones.com




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