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US budget proposes $93m extra for CFTC but only if Obama plan becomes law

09 March 2010

The CFTC, which oversees most US futures and options, could receive an extra $93m, or 55% of its present annual budget of $168.8m, which would bring its total funding to $261m. The SEC, which regulates all derivatives linked to securities, could be given a budget of $1.13bn in 2011.

Read more: [CFTC] [SEC] [Obama]

However, the increases in budgets will only be awarded if US President Barack Obama’s plan for overhauling the US financial markets becomes law.

Of the extra $93m, $45m is dependant on whether the proposed legislation is passed. Obama’s plans would give the CFTC new powers to regulate over-the-counter derivatives.

Under the White House budget plan, the SEC budget would decrease by $24m if a financial measure is not enacted.

The CFTC’s...