In addition, the bill provides $308 million, an increase of $102.7 million (50%) above the fiscal year 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.
Tuesday, June 12, 2012
Senate Appropriations Legislation Would Increase SEC and CFTC Budgets to Help Implement Dodd-Frank
A bill reported out of the Financial Services and General Government Subcommittee of the Senate Appropriations Committee would provide $1.566 billion, an increase of $245 million (19%) above the fiscal year 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.