SEC, CFTC Funding Boost Dies With Senate Spending Bill

Dec 20 2010 | 10:03am ET

It seems increasingly likely that two major U.S. regulators will have to try to implement the country’s new financial regulations without any additional funding after Senate Democrats abandoned efforts to pass a $1.1 trillion spending bill last week.

The measure included some $200 million in new funding for the Securities and Exchange Commission and more than $100 million in new money for the Commodity Futures Trading Commission. The former would represent an 18% increase and the latter a 69% boost.

Both agencies have received greater powers and been charged with greater oversight by the Dodd-Frank law. The new money was to be used to hire hundreds of new staffers to help the already-overstretched regulators cope with the load, as well as for technology upgrades.

The failure could leave both agencies working with their 2010 budgets in 2011. The SEC received $1.1 billion in funding this year and the CFTC $169 million.

It seems unlikely that the agencies will do nearly as well next year as they would have under the failed measure. Republicans will take control of the House of Representatives next month, and the party has been sharply critical of Dodd-Frank, which was approved with almost no Republican support.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this race. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.