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March 5, 2014

Obama Wants More Money For Wall Street Watchdogs

“The budget for fiscal year 2015 released by President Barack Obama Tuesday includes increased funding for two regulatory bodies tasked with policing Wall Street. Obama proposed raising funding levels for both the Securities and Exchange Commission and the Commodity Futures Trading Commission by more than 25%. Both agencies are charged with implementing the restrictions imposed on the financial industry by the Dodd-Frank law.”

“Obama’s budget would increase the SEC’s budget by 26% to $1.7 billion. According to the Wall Street Journal, this added funding would likely be used to hire more investigators and examiners. Since the SEC charges Wall Street firms fees, its budget has no impact on the federal deficit.”

“The CFTC would get an increase of 30% for a total budget of $280 million in Obama’s budget. However, this amount is lower than the $315 million Obama proposed for the agency in last year’s budget. An unnamed administration official told the Journal this reduction was a result of spending caps imposed by the two-year budget deal. “

“CFTC Commissioner Bart Chilton issued a statement Tuesday criticizing the more moderate increase.”

“‘I’m frustrated to say: The funding requested is insufficient to do the job,’ Chilton said.”

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Read full Business Insider article here.

 

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