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House appropriations votes to reduce CFTC funding

Sam Farr

The House Appropriations Committee voted on Tuesday to reduce funding for the Commodity Futures Trading Commission, the regulatory agency responsible for enforcing the 2010 Dodd-Frank Act.

The committee appropriated $180 million for the CFTC, a figure significantly less than the $308 million requested by the Obama administration. In 2012, the CFTC’s funding was $205 million, and the U.S. Senate is prepared to allocate $308 million, The Hill reports.

Rep. Sam Farr (D-Calif.) attempted to provide an additional $224 million in funding for the CFTC through an amendment to the 2013 Agriculture spending bill, though that measure was defeated in a vote.

“Why would we, when the fire is burning, want to recall the fireman?” Farr told the committee, according to The Hill.

Rep. Jack Kingston (R-Ga.) said that the CFTC is not “an impoverished agency,” adding that a majority of CFTC employees make more than $100,000 and that the agency’s oversight responsibilities have only increased by 0.2 percent.

“We are not seeing the regulatory result for the money we have already spend on [the] CFTC,” Kingston said, The Hill reports.

Democrats have argued that higher salaries are necessary in order to attract talented attorneys to head the battle against Wall Street missteps and abuses, arguing that punishing the agency financially for past mistakes is nonsensical.

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