CFTC Chair Slams Congress For Denying Budget Bump

Law360, Los Angeles (December 21, 2015, 8:24 PM EST) -- U.S. Commodity Futures Trading Commission Chairman Timothy Massad on Monday blasted Congress' refusal to increase the agency's budget in 2016, saying in a statement that keeping the regulator's budget flat shows that meaningful oversight of the derivatives market is "not a priority" for Congress.

Massad issued the statement Monday, criticizing the failure of Congress and the White House to include any increase for his agency's budget in the massive $1.15 trillion omnibus spending bill for fiscal 2016 approved Friday. Massad said that regulation requires resources and argued that regulatory rules are "meaningless" without proper enforcement.

"The CFTC's appropriation simply doesn't match our...

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