WASHINGTON — Budget cuts proposed by Republicans would foster uncertainty in the derivatives market but would not interfere with new rulemaking, the Commodity Futures Trading Commission’s chairman warned members of a Senate panel Wednesday.

During a hearing before the Senate Agriculture Committee about the one-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, CFTC chairman Gary Gensler said a proposal to slice his agency’s budget by 15% for fiscal year 2012 would have the immediate effect of forcing the commission to cut staff, making officials less available to field questions from market participants about the new regulatory scheme.

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