Obama seeks $308 million budget for CFTC

Reuters News
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Posted: Feb 10, 2012 1:03 PM
Obama seeks $308 million budget for CFTC

By Christopher Doering

WASHINGTON (Reuters) - The White House will propose a budget for the U.S. futures regulator of $308 million for fiscal year 2013, a funding increase to help the agency implement new financial reforms and investigate the collapse of MF Global, according to an official with knowledge of document.

The funding request for the Commodity Futures Trading Commission is identical to the $308 million the Obama administration asked for a year ago for fiscal year 2012. Congressional lawmakers instead set the budget for fiscal 2012 at $205, up a mere $3 million from the prior fiscal year.

The 2013 fiscal year begins on October 1. The administration, which is set to release its full budget plan on February 13, will likely ask for a larger portion of the agency's budget to come through user fees. A similar proposal last year failed to gain support in Congress.

The funding request comes as the futures regulator faces a daunting to-do list, including implementing the new responsibilities it received from the Dodd-Frank financial reform law, and the investigation into the collapse of MF Global that has been ongoing since late October.

(Reporting By Christopher Doering; Editing by David Gregorio)