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Obama calls for $308 million to fund CFTC

Barack Obama

President Barack Obama plans to request $308 million in the 2013 fiscal year in order to fund the U.S. Commodity Futures Trading Commission.

The $308 million would be a 50 percent increase from the agency’s current budget of $205 million, according to Bloomberg. Last year Congress rejected the president’s request for the same budget but increased the CFTC budget by $3 million for the 2012 fiscal year.

The CFTC is working with the Securities and Exchange Commission to write rules for the derivatives market following the unregulated swaps market that contributed to the 2008 financial collapse.

This week, the Obama administration is set to release its full budget for the 2013 fiscal year, beginning October 1, and will likely request that a large portion of the budget come in the form of user fees, Reuters reports.

The budget has long been a source of debate, as Democrats struggle to put the 2010 Dodd-Frank Act in place and Republicans seek to reduce government deficits. Opponents of the funding say that the SEC needs to prove itself before it can expect an increased budget.

“Before we even think about giving this agency yet another funding increase, at minimum, the agency will need to show major progress in implementing recommended reforms,” Representative Scott Garrett (R-N.J.) said, CNN reports.

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