“Any relief that we might issue, the targeted relief, would get out by Monday,” Gensler said after an event at the U.S. Chamber of Commerce. “Because if there were a government shutdown, employees can’t come in to do such things.”
Financial regulators on the CFTC have said that they would be “handcuffed” in their ability to monitor the swaps market by a government shutdown.
This week Bart Chilton, a CFTC commissioner, sent a letter to members of Congress asking for them to approve special funding that would allow the agency to stay open during a possible shutdown.
“In the case of the CFTC, the budgetary impact of possible furloughs and a government shut-down will be extreme,” he wrote in the letter on Tuesday. “It will leave the markets untended during a critical phase of Dodd-Frank implementation, to the detriment of all market participants.”
Gensler has repeatedly said that even in normal times his agency is strapped for cash.
Even if Congress manages to pass a bill to fund the government at current levels, the agency would still need help, he said.
“We are in a very challenged state come Oct. 1, even with a continuing resolution, at the CFTC,” he said.