FOR IMMEDIATE RELEASE
Tuesday, February 9, 2016
Contact: Jeff Gohringer, 202-618-6430 or jgohringer@bettermarkets.com
Better Markets Applauds the President for Budget Request that Funds the SEC and CFTC Cops on the Wall Street Beat
Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement on President Obama’s Fiscal Year 2017 budget request, which calls for $1.8 billion for the Securities and Exchange Commission (SEC) and $330 million for the Commodity Futures Trading Commission (CFTC). This budget would also double the funding for these Wall Street watchdogs from their FY2015 levels by FY2021.
“The CFTC and SEC are the cops on the Wall Street beat. They are the front line defense protecting America’s workers, families, taxpayers, and communities from financial predators and another financial crash. We applaud President Obama for his proposal increasing funding for the SEC and CFTC, which calls for doubling the resources for these cops on the Wall Street beat over the next four years. These agencies have been chronically underfunded despite the President’s repeated calls for increased funding. For example, the omnibus spending bill recently passed by Congress irresponsibly flat funded the CFTC at a mere $250 million when they are legally required to police a $400 trillion derivatives market.
Grossly underfunding these agencies has allowed some on Wall Street to return to their high-risk pre-crash ways of doing business, endangering our financial stability and undermining the mission of financial reform. That’s why we’ve called for full funding of these agencies to give them the resources they need to do their jobs protecting the public. Congress should enact the President’s request without delay because the American people will not be protected from reckless, irresponsible, and, at times, criminal behavior in the financial industry until the SEC and CFTC are fully funded.”
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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.
