House Wants Boost Of $37M For SEC, $35M For CFTC

House Wants Boost Of $37M For SEC, $35M For CFTC - 2/23/2009

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HEADLINE NEWS:

House Wants Boost Of $37M For SEC, $35M For CFTC
Morgan Bettex

Securities Law 360. February 23, 2009
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EXCERPT: In an effort to strengthen the oversight and enforcement activities at federal consumer protection and financial regulatory agencies, U.S. House lawmakers have proposed a $410 billion bill that would boost the budgets of several federal agencies for the remaining seven months of the government's current fiscal year. The Omnibus Appropriations Act of 2009 would increase the U.S. Securities and Exchange Commission's budget by $37 million, the U.S. Commodity Futures Trading Commission's budget by $35 million and the Federal Trade Commission's budget by $15 million through Sept. 30, according to the legislation released Monday by the House Appropriations Committee. The budget perks are part of a $410 billion bill that seeks to wrap up work on the fiscal year 2009 appropriations bills that began last year and have been modified in light of the failure of the global financial markets. According to the committee, the SEC boost is intended to support the agency's performance-based pay system, as well as to enhance enforcement, capital market oversight and investor protection activities, including investigations of accounting fraud, market manipulation, insider trading, and scams that target senior citizens and low-income communities. “With this significant increase in funding comes an increased responsibility on the part of the SEC to aggressively safeguard the investing public,” the legislation stated, adding that failure by the SEC to properly investigate and take actions in fraud cases will not be tolerated. The committee proposed granting an additional $35 million to the CFTC to boost the agency's “unsustainable” staffing situation, which has been squeezed as a result of new responsibilities added through the enactment of farm legislation in 2008, coupled with escalating public concern about record energy and agricultural prices.

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