CFTC Chairman Recommends Increased Budget For FinTech

CFTC acting Chairman J. Christopher Giancarlo has requested an increased budget in order for the Commission to capitalize on digital innovations such as blockchain technology. By Dan Cummings On June 27, 2017, J. Christopher Giancarlo, acting chairman of the US Commodity Futures Trading Commission (CFTC or Commission), proposed a request of $281.5 million and 739 full-time equivalents (FTE) to finance operations for the Commission’s 2018 operations. Giancarlo explains funds will be used “to enhance economic cost benefit analysis capabilities; strengthen Commission examinations capabilities over swaps clearing houses; and address the regulatory challenges related to market innovation.” The newly requested amount is considerably greater than the President’s $250 million budget request. As per Giancarlo: “Under my direction, the Commission has utilized its ability to provide a budget directly to the Congress. This is the first budget submission under my leadership, and I believe it is important to articulate the needs of the Commission based on my perspective and vision for a renewed and refocused CFTC.” Giancarlo continued, “Without the requested increase, the CFTC will continue to rely on outdated, anachronistic models and metrics of studying our markets.” According to Giancarlo, the $31.5 million and 36 FTE increase above the fiscal year

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Source: CTRM Center

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