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January 14, 2014

For 2 Wall Street Regulators, More Belt-Tightening

Two primary regulators of Wall Street are preparing, once again, to make the most of scarce resources.

Under a new budget proposal, the regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission, would receive less money this year than President Obama had requested, though slightly more than they were allowed last year. Negotiators in the House and Senate hashed out the plan Monday evening, part of a $1.1 trillion agreement to finance the federal government.

The S.E.C. would have a budget of $1.35 billion for 2014, compared with the $1.67 billion that the agency requested last spring. The proposed budget is slightly higher than the agency’s $1.32 billion allotment for 2013.

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The so-called budget sequestration further strained the agency’s resources last year, forcing it to furlough staff. The agency’s effective budget was $194.6 million under those cuts.

“’They have been given responsibility for some of the most important regulation to protect against another crash. And yet, they’re being choked on funding,’ said Dennis M. Kelleher, president of the consumer advocacy group Better Markets.

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Read full New York Times article here

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