Dissent of Commissioner Scott D. O’Malia To Fiscal Year 2012 President’s Budget & Performance Plan

Commissioner O’Malia

February 11, 2011

I respectfully dissent from signing the fiscal year 2012 budget request for the Commodity Futures Trading Commission. The budget request of $308 million provides for a 82-percent increase in federal spending from FY’11 levels.1 This request provides for the hiring of 316 additional Full Time Equivalent (FTE) employees in FY’12 and an additional 218 contractors. This budget fails to outline a specific strategy for implementation of the Dodd-Frank Act that utilizes technology as a means to leverage budgetary and staff resources in fulfilling the Commission’s oversight and surveillance responsibilities. Recognizing the budget deficit challenges facing this nation, I believe this proposal ignores the likelihood of multiyear budgetary constraints and recommends a funding request and hiring strategy that is unsustainable over the long term. This is especially so given that increasing staff without providing the technological resources to permit them to effectively do their jobs will most certainly cost taxpayers more. I believe the Commission must commit to a more focused technology-based strategy, like those which have determined the evolution and success of the futures markets for the past two decades.

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