House Agriculture Appropriations Sub Committee Chairman Robert Aderholt says the Commodity Futures Trading Commission won’t be getting the $ 72 million increase in spending President Obama is asking for. He says the request for $ 322 million doesn’t reflect the nation’s crippling debt. South Dakota Farmers Union President Doug Sombke says the Chairman is being shortsighted in not helping the CFTC provide better financial market oversight.
Sombke says CFTC also needs proper funding especially for defenses against cyberattacks as well as to protect those who use the markets.
Chairman Aderholt also says CFTC spending has increased 123 percent since the 2008 recession. CFTC Chairman Tim Massad responded that the increase would ensure his agency could provide financial oversight of swaps and derivative markets mandated by the Dodd Frank Act.