Wednesday, November 02, 2011

Obama Administration Supports Senate Funding Levels for SEC and CFTC to Properly Implement Dodd--Frank

In a letter to Congressional appropriators, the Obama Administration said that, in order to implement the Dodd-Frank Act, the Administration strongly supports the Senate bill's funding levels for the SEC and CFTC, which will enable the regulators to develop, implement, and enforce new requirements for the securities and derivatives markets to protect investors and promote fair trading and a stronger, more stable economy. In the letter to Senate and House Appropriations Committee Chairs Dan Inouye (D-Hawaii) and Harold Rogers (R-KY), the Administration said that the Dodd-Frank Act contains essential measures to crack down on abuses in the mortgage industry, make financial contracts simpler, end hidden fees, and provide clear and concise information to borrowers about the obligations they are undertaking.