Spending Deal Gives SEC, CFTC Modest Increases

Tuesday, 12 Apr 2011 10:39 AM

 

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U.S. federal securities and futures regulators would both receive modest funding increases for fiscal year 2011 under the spending deal that averted a government shutdown, according to details released on Tuesday.

Both the Securities and Exchange Commission and the Commodity Futures Trading Commission have said they need big budget increases to implement the Dodd-Frank financial regulation law that Congress enacted in 2010.

The proposed spending bill hammered out by congressional negotiators raises funding for the SEC by $74 million from 2010 levels to $1.185 billion, according to the Senate Appropriations Committee.

Funding for the CFTC, which has been given oversight of the nearly $600 trillion global swaps market, would rise $34 million to $202.7 million.

Fiscal year 2011 ends Sept. 30.

In February, the Obama administration proposed big increases in both agencies' budgets for fiscal year 2012, which begins Oct. 1. Those requests call for an SEC budget of $1.407 billion and a CFTC budget of $308 million.

© 2014 Thomson/Reuters. All rights reserved.

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