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Wednesday, March 5, 2014

CFTC: President’s FY2015 Budget Insufficient

In the president’s FY2015 budget, the president proposed $280 million to fund the CFTC, $35 million down from last year’s request. Bart Chilton, Commissioner of the CFTC, retorted that, if adopted, the president’s budget for the CFTC would be “insufficient to adequately fund the Agency at the levels required to oversee and enforce markets.”

Conversely, the SEC Chair Mary Jo White is pleased with the president’s proposed budget of $1.7 billion to fund the SEC, adding that “this funding comes from industry transaction fees and does not take money away from other priorities or contribute to the federal deficit.”

According to the president’s budget proposal, the proposed funding for the CFTC and SEC are 30% and 26%, respectively, over their 2014 enacted levels. The administration adds that this budget “will allow them to fully execute their responsibilities for financial oversight under the Wall Street Reform Act.”

Read the proposed budget.
Read CFTC’s Commissioner Chilton’s statement.
Read the SEC statement.

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