Under the 2014 fiscal year budget, President Obama requested a 27 percent increase and a 54 percent increase, respectively, in the budgets of the SEC and CFTC, both of which have stressed the need for additional funding.
The SEC’s budget would increase by $350 million above the agency’s current funding level to a total budget of $1.6 billion for 2014. The budget increase would allow the SEC to hire an additional 250 examiners to oversee the registration of approximately 11,000 investment advisers as required by the Dodd-Frank Act and allow the regulator to hire more industry experts to assist in investigations, FINalternatives reports.
Additionally, the CFTC would receive an additional $100 million in funding paid for by charging fees to supervised entities to bring its total budget to $315 million. The Obama administration said the increase “would bring the CFTC into line with nearly all other federal financial regulators, which are funding in whole or in part through user fees.”