SEC, CFTC Get Budget Boost in Deal That Cuts Other Agencies
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The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are rare beneficiaries of increased funding as part of a budget deal worked out by Congress for the current fiscal year.
The plan announced today, which imposes $38 billion in cuts on many federal agencies, adds $74 million to SEC spending for the rest of the 2011 fiscal year. That will raise the agency’s annual budget to $1.19 billion as the SEC prepares to meet additional oversight responsibilities mandated in last year’s Dodd-Frank financial-regulatory overhaul.