CFTC head warns of "critical" underfunding

Walter Lukken, one of five commissioners at the US Commodity Futures Trading Commission, has warned that the commission is "at critical levels in its funding and staffing".

Lukken was addressing an audience at the University of Houston's Global Energy Management Institute. He praised the shift to principles-based regulation, but added that staffing levels were the lowest in the commission's history.

He also invited other regulators, such as the Securities and Exchange Commission, to make the shift to principles-based regulation in order to ease international cooperation.

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