Tuesday, May 24, 2011

House Draft Legislation Would Set CFTC 2012FY Budget Below 2011FY CR Level

The House Appropriations Committee released a draft fiscal year 2012 Agriculture Appropriations Act that would set the funding for the CFTC at $171,930,000, including $25,000 for the expense for consultations and meetings hosted by the Commission with foreign governmental and other regulatory officials. That amount is less than the $202 million approved for the CFTC in the 2011FY Continuing Resolution and less than the $308 million in the President’s 2012FY proposed budget. The House Agriculture Subcommittee is expected to mark up the bill this week.

The draft legislation continues the trend of major spending reductions sought by the Republican majority, totaling $17.2 billion in discretionary funding, a cut of over $2.6 billion from last year’s level or over $5 billion below the President’s budget request for these programs. Agriculture Subcommittee Chairman Jack Kingston (R-GA) said that the draft legislation takes spending to below pre-stimulus, pre-bailout levels while ensuring that the CFTC and other agencies are provided the necessary resources to fulfill their duties.

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