U.S. House Appropriations Subcommittee Holds CFTC Budget Hearing (with Delta Strategy Group Summary)

The U.S. House Appropriations Committee, Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies held a hearing regarding the CFTC FY 2016 budget. CFTC Chair Massad was the sole witness.

In his testimony, Chair Massad advocated for a $72 million dollar increase in the CFTC budget. He explained that this $322 million budget request would allow the CFTC to focus on "critical activities," including:

• enhancing surveillance and enforcement capabilities;
• performing timely and thorough examinations of critical market infrastructure, such as that of exchanges and clearinghouses;
• reviewing and addressing the requests and concerns of derivatives market participants; and
• expanding cybersecurity capabilities.

Click here to view a summary of the hearing prepared by Delta Strategy Group.

See: Chair Massad's Opening Remarks; Chair Massad's Written Testimony; Hearing Announcement and Webcast.Related news: President Proposes FY 2016 Budget (February 2, 2015).