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CFTC Chair Faces Budget Scrutiny After Accounting Errors

Law360, New York (February 10, 2016, 9:53 PM EST) -- Republican lawmakers on Wednesday seized on a watchdog's recent probe finding that the U.S. Commodity Futures Trading Commission broke accounting laws for years, asking agency chairman Timothy Massad to justify the CFTC’s request for another budget increase.

Republican members of the House Committee on Appropriations’ Agriculture Subcommittee asked Massad to account for a proposed 32 percent increase in the CFTC’s budget for fiscal year 2017, focusing on a U.S. Government Accountability report finding that the agency improperly recorded the costs of multiyear leases of office space...
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