Spending deal gives SEC, CFTC modest increases

By Sarah N. Lynch and Christopher Doering

WASHINGTON | Tue Apr 12, 2011 11:53am EDT

WASHINGTON (Reuters) – U.S. securities and futures regulators would receive modest funding increases for fiscal year 2011 under the spending deal that averted a government shutdown, according to details released on Tuesday.

Both the Securities and Exchange Commission and the Commodity Futures Trading Commission have said they need big budget increases to implement the Dodd-Frank financial regulation law that Congress enacted in 2010.

The Dodd-Frank law greatly expands the SEC’s power to regulate hedge funds, municipal advisers and over-the-counter derivatives trading.

The proposed spending bill hammered out by congressional negotiators raises funding for the SEC by $74 million from 2010 levels to $1.19 billion.

Funding for the CFTC, which is responsible for the lion’s share of the oversight for the nearly $600 trillion global swaps market, would rise by $34 million to $202.7 million.

The funding boosts are for fiscal 2011, which ends on September 30.

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