Last week, J. Christopher Giancarlo, Acting Chairman of the Commodity Futures Trading Commission, proposed a 12.6 percent increase in the agency’s funding from fiscal year 2017 to 2018, in an appearance before the House of Representatives Committee on Appropriations Subcommittee on Agriculture. To effectively oversee the evolving derivatives market, Chairman Giancarlo claimed that an overall funding level increase of US $35.1 million and an increase in authorized staffing of 36 full-time equivalents was necessary. He said that he derived the proposed budget applying a zero-based budgeting principles. Vice-Chairman of the Committee, Rep. David Valadao, expressed his concern, however, that because of ongoing collective bargaining issues with CFTC employees, “[t]here is no guarantee that providing the CFTC an increase would further [its] major priorities such as improving economic analysis or the financial technology sector.” (Click here for additional background on the CFTC's budget request in the article, "Commissioner Bowen Votes to Process CFTC 2018 Budget Proposed by Acting Chairman Despite Disapproval" in the June 4, 2017 edition of Bridging the Week.)