U.S. Congress Blunts Agency Fund Request to Enforce Dodd-Frank
U.S. financial regulators, struggling for months with budgets unequipped to handle new responsibilities imposed by the Dodd-Frank Act, will be forced to go another 10 weeks without a funding increase. Federal lawmakers agreed yesterday to fund the government at current levels through March 4, denying budget increases sought by the SEC and CFTC after the regulatory overhaul was enacted. Agreement on the stopgap funding measure came hours before the expiration of an earlier temporary spending bill.
CFTC Chairman Gary Gensler has been lobbying lawmakers for the additional money, which agency officials had hoped to receive as early as last week.
Publication
Bloomberg
Date
December 22, 2010