SEC and CFTC ask for more funds to meet Dodd-Frank workload

Regulators seek $1.4bn and $308m respectively, but $117m CFTC “user fee” apparently dropped

Mary Schapiro
SEC chairman Mary Schapiro

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) both requested dramatically increased budgets yesterday, in order to police swap and security-based swap markets under the Dodd-Frank Act.

Appearing before the Senate Appropriations Committee's subcommittee on financial services and general government, the chairmen of the two regulators requested substantial increases from current funding levels, with the CFTC dropping an earlier provision which

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