6.2.2009 CFTC Chairman Gary Gensler testified before the U.S. Senate Subcommittee on Financial Services and General Government, Committee on Appropriations, on the CFTC’s 2010 Budget. First, the Chairman stated that the $146 million appropriated for the 2009 Fiscal Year would be used to address the CFTC’s alarmingly low staffing levels and the Commission’s technology. However, the Chairman stated that the CFTC remains an underfunded agency and pointed to the President’s Budget recommendation of $160.6 million dollars for the next fiscal year as recognition of the CFTC’s need. The Chairman said that the CFTC needs more resources to (1) hire and retain professional staff; (2) develop and maintain technological capabilities as sophisticated as the markets we regulate; and (3) dedicate resources to the Chairman’s priorities, including “robust enforcement of [] laws” and ensuring greater transparency of the marketplace, the consistent application of position limits, tools to fully monitor the markets, and timely review of new products and rule change filings.  

Click http://www.cftc.gov/stellent/groups/public/@newsroom/documents/speechandtestimony/opagensler-2.pdf to access Chairman Gensler’s speech.