President Barack Obama will request $308 million to fund the U.S. Commodity Futures Trading Commission, the main U.S. derivatives regulator, in the 2013 fiscal year, according to a person briefed on the budget request scheduled to be announced Feb. 13.
The CFTC’s budget has been the focus of a debate between Democrats seeking additional resources to complete Dodd-Frank Act rules and Republicans trying to reduce the agency’s spending as part of a broader effort to rein in deficits. The $308 million request would be a 50 percent increase from the agency’s current $205 million budget.
Congress rejected Obama’s request last year for a $308- million budget. Lawmakers didn’t consider legislation setting user fees on the industry to help support the agency.
The CFTC and Securities and Exchange Commission are leading U.S. efforts to write new rules for the derivatives market after largely unregulated swaps helped fuel the 2008 credit crisis. The agencies have set a goal to complete the regulations this year.
Reuters reported earlier on the budget.
To contact the reporter on this story: Silla Brush in Washington at email@example.com
To contact the editor responsible for this story: Maura Reynolds at firstname.lastname@example.org