Two men share securities regulation news

Breaking news and expert analysis on legal and compliance issues

[Back To Home][Back To Archives]

From Securities Regulation Daily, June 22, 2018

Unlike House, Senate approves bill that meets SEC and CFTC budget requests

By John Filar Atwood

The Senate Appropriations Committee approved a financial services funding bill that includes $1.695 billion for the SEC, which matches its fiscal 2018 budget request, and $281.5 million for the CFTC, which is equal to its fiscal 2019 request. The House version of the bill, which advanced through the committee stage in May, included $1.66 billion for the SEC and $255 million for the CFTC.

The Senate Appropriations Committee said in a news release that its measure provides $16 million above the fiscal 2018 enacted level to fund the SEC, the CFTC, the Treasury Department, the Judiciary, the Small Business Administration, and several other independent agencies.

SEC allocation. With regard to the allocation for the SEC, the committee said that it includes $37 million for the potential relocation of the agency’s New York Regional Office. The bill also provides targeted funding for economic analysis within the Division of Economic and Risk Analysis.

The funding for the CFTC includes increased funding to boost the CFTC’s analytical expertise and cybersecurity capabilities. The committee also hopes the CFTC will spend the funds on financial technology to maximize the Commission’s ability to oversee the nation’s swaps, futures, and options markets.

Giancarlo remarks. CFTC Chairman J. Christopher Giancarlo thanked the Senate committee for fully supporting the agency’s funding request. He said that the funding bill recognizes the need for the CFTC’s skilled regulatory oversight and enables the Commission to fulfill its mission of balancing the market health and safety of the premier price discovery and risk hedging markets for global commodities and financial instruments

House bill. In the House version of the funding bill, the Appropriations Committee acknowledged that its SEC allocation was $201 million below the fiscal year 2018 enacted level. The committee explained the difference by citing last year’s one-time costs associated with GSA lease renewals.

The House bill also contains certain policy provisions and reporting requirements which the committee felt would improve transparency and stop overly burdensome regulation. Among the provisions is a prohibition on the SEC requiring the disclosure of political contributions in Commission filings.

While the House’s funding of the CFTC was lower than the agency had requested, the Appropriations Committee noted that it is still $6 million above the fiscal year 2018 enacted level. The committee claimed that the increase over fiscal 2018 would support cybersecurity initiatives, financial technology, and systemic risk examinations.

MainStory: TopStory SECNewsSpeeches CFTCNews

Back to Top

Securities Regulation Daily

Introducing Wolters Kluwer Securities Regulation Daily — a daily reporting service created by attorneys, for attorneys — providing same-day coverage of breaking news, court decisions, legislation, and regulatory activity.

A complete daily report of the news that affects your world

  • View full summaries of federal and state court decisions.
  • Access full text of legislative and regulatory developments.
  • Customize your daily email by topic and/or jurisdiction.
  • Search archives for stories of interest.

Not just news — the right news

  • Get expert analysis written by subject matter specialists—created by attorneys for attorneys.
  • Track law firms and organizations in the headlines with our new “Who’s in the News” feature.
  • Promote your firm with our new reprint policy.

24/7 access for a 24/7 world

  • Forward information with special copyright permissions, encouraging collaboration between counsel and colleagues.
  • Save time with mobile apps for your BlackBerry, iPhone, iPad, Android, or Kindle.
  • Access all links from any mobile device without being prompted for user name and password.