CFTC butts heads with Shelby on funding

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WASHINGTON (MarketWatch) -- Commodity Futures Trading Commission Chairman Gary Gensler on Thursday took issue with criticism from Republican Sen. Richard Shelby of Alabama who complained that the CFTC failed to hire a chief economist in a timely manner. Gensler acknowledged that the agency took a long time to fill a chief economist slot, but said that cuts to the agency's budget would mean layoffs rather than hiring. "We'd have to go the other way and lay off people," said Gensler at a Senate Banking Committee hearing on bank regulation. House Republicans said Friday they are seeking a $57 million cut from the remainder of the CFTC's $168.8 million fiscal 2011 budget.

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