April 12 (Bloomberg) — The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are few beneficiaries of increased funding in the current fiscal year budget agreement worked by the Congress.
The plan announced today, what needed 38 billion in reductions on many agencies federal, adds the 74 million dry spending for the rest of the fiscal year 2011. That will trigger annual budget of the Agency of $ 1.19 billion SEC prepares to respond to the additional oversight responsibilities mandated regulatory financial review of Dodd-Frank last year. "It is certainly good to hear that the SEC has been cut, not as some had proposed originally, said Stephen Crimmins, a former SEC lawyer who is President of the Executive Board of the Association of the Bar securities law. He said that the budget is still well below the $ 1.3 billion that the Dodd-Frank Act authorized for this year.The budget, the CFTC would see also $ 34 million, with 202.7 million for fiscal year 2011 budget. "The Act defines a floor of $ 37.2 million to be spent"the highest priority information technology activities"- almost double the current level of spending."I am grateful to have an agreement on the budget in place to provide the Commission with the budgetary certainty, that we need to fulfil our statutory mandate, CFTC Commissioner Scott d. O'Malia said in a statement.Act budget 1.049 trillion dollars, which finance the Government through September 30, is set for a vote of the Assembly with a vote of the Senate to follow tomorrow.Republicans vs spending DemocratsThe dry, became a symbol of efforts to strengthen financial regulation while being attacked as an example of inefficient by Republican critics, such as representative Scott Garrett, governance of New Jersey, who heads the House Subcommittee that oversees the Agency.Democratic representative Barney Frank of Massachusetts had accused Republicans of trying to undermine Dodd-Frank by regulators of underfunding.The debate on the budget of the Congress ended with an agreement last weekend just before the partial closure of the Government which would have a component of many functions of the Agency.The securities regulatory agency expenditures are offset by taxes on companies it regulates, however his expenses must still be approved by Congress. "" This is the type of a sad history of see an agency that uses any of the taxpayers in all a zero impact of deficit is private like this, "said Crimmins, associate of the firm K & L Gates to Washington.New RegulationsThe SEC and CFTC took place in the previous fiscal year spending levels", even if regulatory bodies have worked to implement hundreds of new rules under Dodd-Frank".We're stretched incredibly thin, "Chairman of the SEC, Mary Schapiro said in a speech on April 8, the Conference of the society of American Business editors and writers in Dallas. "We can get the written rules, but that we will not be able to do so is to operationalize the."John Nester, a spokesman for the SEC declined to comment on immediate increase in the budget.-With the help of the brush of Silla and Brian Faler at Washington. Editors: Maura Reynolds, Gregory Mott
To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net.
To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net.
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