In the latest budget dealings the White House requested $1.67 billion for the SEC and $315 million for the CFTC. Congress approved $1.35 billion for the SEC and $215 million for the CFTC.
The SEC now examines registered investment advisers once every 11 years. They wanted the additional $324 million to hire additional examiners of these advisers. Not only did Congress not approve all the funds requested but it cut in half a "reserve fund" used for investing in its technology infrastructure, which has fallen behind that of those it is charged to regulate.
The CFTC wanted to add examiners for newly registered swaps dealers, execution facilities and clearing houses – one of the commission’s new responsibilities under the Dodd-Frank financial reform law.
It's good to have a Congress that is saving us money. However, there is a 'slight' possibility that we may wind up paying a dollar or two when the financial world implodes once more.
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