FOR IMMEDIATE RELEASE
Monday, February 12, 2018
Contact: Nick Jacobs, 202-618-6430 or email@example.com
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on President Trump’s 2019 budget requests for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC):
“We applaud the Trump Administration’s 2019 budget requests for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). While more resources are needed, this is nonetheless an important recognition that the cops on the Wall Street beat don’t have the funding they need to do their jobs protecting the American people. Importantly, the CFTC budget request also includes authorization for it to start collecting user fees like every other financial regulator and as Better Markets has sought for years.
“As CFTC Chairman Chris Giancarlo said, this is what an ‘effective 21st century regulator’ requires to do its job. However, even more must be done. Today’s markets move at 21st Century nanosecond speeds while underfunded regulators still too often move at the speed of 19th Century horse and buggies. This is particularly true regarding technology, which is why the SEC must be allowed to continue to use the reserve fund for IT improvements. In fact, both regulators should be appropriated multi-million-dollar technology funding increases for each of the next five years, which cannot come at the expense of other critical funding.
“If Congress is serious about protecting investors and markets while promoting capital formation and reducing systemic risk, it will build upon the President’s requests and substantially increase the funding for both the SEC and CFTC.”
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.