SEC, CFTC Prepare Shutdown Plans for ‘Bare Minimum’ Oversight
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In the event of a government shutdown, federal securities and derivatives regulators would keep less than a tenth of their employees on hand to ensure financial markets continue to be supervised.
Twenty-five of the U.S. Commodity Futures Trading Commission’s 675 employees would stay on the job to ensure a “bare minimum” of oversight and enforcement for derivatives markets, the agency said today. “The vast bulk of the CFTC’s oversight and surveillance functions will cease during a lapse of appropriations,” the agency said in a six-page contingency plan.