CFTC leaders square off in budget fight

The leader of the nation’s futures and swaps regulator wants a big budget boost for his agency. The Commodity Futures Trading Commission’s recent budget request seeks an FY 2014 appropriation of $315 million, a 52 percent increase from FY 2013’s projected funding level. CFTC chairman Gary Gensler said the increase is needed to carry out his agency’s expanded mission under Dodd-Frank. However, a Republican CFTC commissioner said the agency’s appeal for a massive budget increase is “unsubstantiated.” Read on for the details.