SPEECHES & TESTIMONY

Statement of Chairman J. Christopher Giancarlo on Passage of FY2019 Appropriations

February 15, 2019

Washington, DC - Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo released the following statement regarding the funding increase for the agency contained in the FY2019 appropriations legislation:

“I am grateful to members of the House and Senate Appropriations and Agriculture Committees, especially the House Agriculture and Senate Financial Services Appropriations Subcommittees for their support for the CFTC and its increased funding.  I am also thankful to the Administration for recognizing the agency’s critical oversight of America’s financial and commodity derivatives markets.

“Vibrant, liquid and well-regulated derivatives markets are a tremendous national advantage.  They must not be taken for granted.  Our task as market regulators is to set and enforce rules that encourage innovation while promoting market integrity and confidence.  This funding increase is an essential step in making the CFTC a 21st Century regulator for modern digital markets. It provides the resources and tools to fulfill our mission to foster open, transparent, competitive, and financially sound U.S. derivatives markets that remain the envy of the world

I would also like to thank my fellow Commissioners, who have been vocal in their support of our budget request. Even more, I want to acknowledge the hard work of the agency staff through the last several years of flat funding. I have been amazed at their ability to keep pace with changes in our markets while monitoring emerging regulatory opportunities, challenges and risks, all in spite of limited resources. Their public service has greatly benefited the agency, our markets and our country.”