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February 13, 2012

Obama Budget Plan Includes Big Boosts For SEC, CFTC

The White House proposed budget boosts for U.S. market regulators, in what would be a boon to agencies months behind in implementing the Dodd-Frank legislation and under pressure to vigorously investigate financial crisis cases and the collapse of MF Global.

The Obama administration’s fiscal 2013 budget, released on Monday, proposes giving the Securities and Exchange Commission an 18.5 percent funding increase to $1.566 billion up from 2012’s budget of $1.321 billion.

The Commodity Futures Trading Commission would see a 50 percent spending jump to $308 million from $205 million in fiscal 2012. The president also called for legislation to fund the agency through user fees, bringing it in line with most other financial regulators.

The Obama administration, under fire for a dearth of significant prosecutions related to the 2007-2009 financial and housing market meltdown, also on Monday called for adding $55 million to the Justice Department’s proposed budget to prosecute financial crimes.

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