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March 5, 2014

Financial Regulator Calls Obama Budget ‘Woefully Insufficient’

“The country’s top derivatives regulator is making clear that it is unhappy with President Obama’s 2015 budget proposal.”

“On Tuesday, Mr. Obama unveiled his spending outline for the coming fiscal year, which begins Oct. 1 and includes a request for $280 million for the Commodity Futures Trading Commission.”

“That figure might seem an improvement on its face, since the agency is currently operating on a budget of $215 million for the 2014 fiscal year. But last year, Mr. Obama requested $315 million for the agency before receiving approval for about two-thirds of that amount.”

“A C.F.T.C. commissioner, Bart Chilton, called the president’s proposal “woefully insufficient” in a statement on Tuesday.”

“‘Our staff is on its knees, some reaching for the exit doors and others already having bailed,’ Mr. Chilton said.”

“The C.F.T.C., one of the nation’s top financial regulators, has been adjusting to its increased oversight role in the wake of the financial crisis. The Dodd-Frank Act gave the commission authority over the $300 trillion swaps market, in addition to the $40 trillion futures market it already oversaw.”

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Read full New York Times DealBook article here.

 
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