The recent lapse in federal government appropriations has led to a significant reduction in the operations of the Commodity Futures Trading Commission (CFTC). Although the majority of the agency’s functions have been halted, certain activities deemed essential will continue based on exceptions outlined in the Antideficiency Act. These exceptions, further clarified by legal opinions and guidance from government oversight offices, allow the agency to maintain operations under specific conditions.
Generally, the CFTC can continue its operations if they meet certain criteria. This includes activities with ongoing funding sources, those explicitly authorized by law to spend funds before receiving appropriations, and those necessary for maintaining safety and property protection. Additionally, operations essential for the fulfilment of presidential duties also fall within this category.
The CFTC emphasizes the importance of maintaining oversight in the financial markets, as the absence of government regulation could lead to severe consequences. Without this oversight, major markets—including stock, commodities, and futures exchanges—risk failing to operate safely, which could have dire implications for the economy and public safety. The implications are underlined by the Office of Legal Counsel, which acknowledges the extensive consequences of a full governmental shutdown on citizens’ well-being and the economy.
To meet the criteria for excepted functions, the CFTC has identified personnel who are essential for conducting these operations during the shutdown. As of October 1, 2025, there are about 543 employees on staff. Among these, 31 individuals are specifically recognized as exempt from furlough due to their roles aligning with the agency’s essential functions, representing roughly 5.7% of its workforce. Other personnel in the Whistleblower Office, Office of Customer Education and Outreach, and Division of Administration are funded through separate resources and are also exempt from furlough.
While commissioners and their senior staff may generally be exempt from furlough, the remainder of their teams could be subject to restrictions enacted under the Antideficiency Act. Moreover, most employees not categorized as excepted require minimal time—about four hours—to carry out an orderly agency shutdown.
The limited number of accepted employees has been strategically selected to ensure that there is adequate oversight of the derivatives markets, protecting them against fraud and manipulation. If new situations or tasks arise that warrant classification as excepted functions, these designated employees are responsible for reporting back to the appropriate officials to assess whether additional staff can be called back to duty.
Overall, while the CFTC faces significant restrictions due to the government shutdown, continued operations in certain areas are critical for maintaining the integrity and safety of U.S. financial markets. The agency is navigating these challenging conditions while attempting to implement necessary measures to protect property and ensure market stability as much as possible.