Aderholt Challenges CFTC Budget Request

FOR IMMEDIATE RELEASE: MARCH 6, 2014 CONTACT: Brian Rell, 202-225-4876

Aderholt Challenges CFTC Budget Request
Cites 92% funding increase since financial crisis

Washington, D.C.— Congressman Robert Aderholt (AL-04) released the following statement in addition to his opening remarks after the conclusion of the Commodities Futures Trading Commission oversight hearing with Acting Commissioner Mark Wetjen.

"There is no doubt that the CFTC performs a valuable function in assuring a stable marketplace for futures, swaps, options and other financial instruments that few talk about but make our nation's economy function," said Chairman Robert Aderholt whose Agriculture Appropriations subcommittee has jurisdiction over the Commission. "But the putting forth 'hundreds of trillions of dollars' as the notional value as a cost justification is specious at best. That amount is several times larger than the entire world economy."

"A more sound measure would include trading volume, amount of customer funds and the number of registered entities under CFTC oversight as Acting Chairmna Wetjen mentioned in his opening remarks. The highest metric provided is an increase of 40% for registered entities since the financial crisis, yet funding for the CFTC has increased 92%. This hardly builds the narrative for a cash starved regulator body."

"In a marketplace that is increasingly automated via electronic trading and algorithms, a more valid approach to creating a stable and well regulated marketplace comes from an increase in technology instead of payroll. That being said, I look forward to working with Commissioner O'Malia and the acting Chairman on this matter and ways to make sure that the CFTC has the means to do its job in an effective yet efficient manner."

"Mr. Wetjen should be commended for the job he is doing as acting Chairman of the CFTC. He walked in at a time when the Commission was unnecessarily politicized and has done a good job of unwinding the unnecessary tension between divergent stakeholders. This demonstrates that his number one concern is for a we'll functioning marketplace and not for politics. I respect that and certainly look forward to working with him."

Aderholt currently serves as Chairman of the Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies for the powerful House Appropriations Committee, Vice-Chairman of the Committee’s Commerce, Justice and Science Subcommittee; and is a member of the Defense Subcommittee, and also serves on the Helsinki Commission.

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