June 12, 2012

Statement of CFTC Chairman Gary Gensler Regarding Senate Appropriations Subcommittee’s Vote on the CFTC Budget

Washington, DC -- Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today made the following statement after the U.S. Senate Appropriations Subcommittee on Financial Services and General Government approved the appropriation of $308 million for the agency for Fiscal Year 2013:

"At this funding level, the CFTC will have sufficient cops on the beat to promote swap market transparency, to lower risk to the financial system, and to help protect the American people from future bailouts of the financial industry.  I am grateful to Senator Durbin and other members of the subcommittee for working to ensure the CFTC has the necessary resources to oversee these markets.

"The CFTC needs additional resources in order to oversee the swaps market, which is eight times larger than the futures market we have traditionally overseen.  The National Football League would not significantly expand the number of games in a weekend without, at the same time, expanding the number of referees to protect the players, ensure fair competition, enforce the rules and protect the integrity of the game.  The Senate today took a necessary step toward ensuring that the CFTC has the resources to protect the American people.”

Last Updated: June 12, 2012