CFTC Needs More Staff, Chairman Says

Law360, New York (May 31, 2008, 12:00 AM EDT) -- The acting chairman of the Commodity Futures Trading Commission told a U.S. Senate panel Wednesday that the agency needs more money and staff to help oversee the skyrocketing volume on futures exchanges.

The acting chairman, Walter Lukken, said at a hearing of the Senate Committee on Agriculture, Nutrition and Forestry that the volume of futures exchanges has grown 8,000% while staffing numbers have fallen 12% since the CFTC was created in 1975.

“We certainly need more bodies at the agency,” Lukken said. “We have been able...
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