Thursday, June 14, 2012

Senate Appropriations Committee Reports Legislation Providing Increased FY 2013 Funding for SEC and CFTC

The Senate Appropriation Committee has reported out to the full Senate legislation providing $1.566 billion for the SEC in FY 2013, an increase of $245 million (19%) above the FY 2012 enacted level, to enable the SEC to fulfill its mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.  This funding, fully offset by collection of securities transaction fees, supports increased legal and investigative staffing for oversight and enforcement responsibilities including significant new mandates under the Dodd-Frank Act, as well as substantial investments in IT upgrades.


In addition, the legislation provides $308 million for the CFTC for FY 2013, an increase of $102.7 million (50%) above the FY 2012 enacted level, to enable the CFTC to fulfill its mission to protect futures markets from fraud, manipulation, and abusive practices and foster open, competitive, and financially sound markets.  The increase supports staffing increases and IT enhancements to meet significantly expanded responsibilities in implementing the mandates under the Dodd-Frank Act, including regulation and oversight of trading and clearance of over-the-counter derivatives.



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