A senior lawmaker who has consistently blocked US Commodity Futures Trading Commission funding increases said he is backing down, opening the door for the derivative regulator’s first hike in four years.
House Agriculture Committee Chairman Michael Conaway acknowledged that his annual threats to freeze the CFTC budget hadn’t swayed the Senate to trim the regulator’s rulemaking and enforcement authority.
“We cannot hold the agency hostage to another year of the Senate’s inaction,” Conaway, a Texas Republican, said at a committee hearing this week.
Addressing CFTC Chairman Christopher Giancarlo, who was testifying before the panel, he said: “I acknowledge that you are going to need resources to hire staff and fund technology improvements.”
Giancarlo said an immediate need is for enforcement staff with quantitative skills to analyze trading data and “find misbehavior in the markets.”
CFTC chances improve for first budget boost in four years after lawmaker retreats
27 July 2018 7:44pm