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Budget Woes Leave CFTC Outgunned by Wall Street

Underfunded relative to other financial agencies, CFTC is losing senior staff and making special arrangements with Treasury Department just to stay open.

By Robert Schmidt and Silla Brush, Bloomberg | Updated on January 17, 2014

When President Barack Obama gave federal workers a 1 percent pay raise at the start of the year, employees at the U.S. Commodity Futures Trading Commission (CFTC) assumed they’d get the boost. They didn’t.

In a brief e-mail last week, the CFTC said the cost-of-living increase wouldn’t kick in until August paychecks. While the agency provided no explanation, employees chalked it up to budget woes that forced the derivatives regulator last week to quietly obtain an emergency infusion of funds just to keep its doors open, according to four people familiar with the situation.

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