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Democrat Says CFTC's Low Budget 'Sucks'

By Tim Devaney
Published March 6, 2014 The Hill

A leading House Democrat on the Appropriations Committee said Thursday that the federal regulator for commodities has such a small budget that it "sucks."

During a hearing, Rep. Sam Farr (D-Calif.) said the Commodity Futures Trading Commission (CFTC) is grossly underfunded and called on Congress to give the agency more money to regulate commodity markets such as oil, gold, wheat and coffee. 

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Obama Said to Trim Budget Request for Struggling Swaps Regulator

By Silla Brush
Published March 1, 2014 Bloomberg

President Barack Obama is set to seek a $280 million budget for the U.S. Commodity Futures Trading Commission that, while more than the commission currently gets, is lower than his previous request for an agency that has said it lacks the resources to fully oversee markets, according to people with knowledge of the matter.

Obama’s request for the fiscal year beginning Oct. 1, a cut of more than 10 percent from the $315 million he sought in his previous proposal, would be a 30 percent increase from the current level of $215 million for the derivatives regulator, according to the people, who asked for anonymity because the budget request won’t be unveiled until March 4.

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As Regulator Scores Record Fine, Support Emerges for Bigger Budget

By Ben Protess
Published June 28 2012 Dealbook/New York Times

A tiny Wall Street regulator had a big money day. On Wednesday, the Commodity Futures Trading Commission fined Barclays $200 million, an expensive rebuke of the bank’s efforts to manipulate a key interest rate.

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SEC Chairman Pitches Budget Boost to Congress

By Sarah N. Lynch
Published March 6 2012 Reuters

The chairman of the U.S. Securities and Exchange Commission asked Congress for a big budget hike on Tuesday, pledging to use the extra funds to improve outdated technologies and hire more examiners, economists and other market experts.

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Budget Seeks CFTC User Fee, More Funds for Regulators

By Andrew Ackerman
Published February 13 2012 Wall Street Journal

The Obama administration's fiscal 2013 budget renews a user-fee proposal on entities policed by the Commodity Futures Trading Commission as a way to boost the agency's funding as it begins to oversee the $600 trillion over-the-counter derivatives market.

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