The U.S. Commodity Futures Trading Commission (CFTC) will not be able to apply new derivatives regulations required under the Dodd-Frank Act, Reuters reports. The agency may miss its July deadline to enforce the rules, said CFTC Chairman, Gary Gensler.
The agency seeks a budget increase to $261 million from $169 million to hire additional employees and improve technology to enforce standards for banks, hedge funds and large swap users, adds Bloomberg. CFTC may apply some of the rules after July 2011, according to Gensler.
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