* Senate appropriators unveil proposed SEC, CFTC budgets
* SEC would get a $222 million increase in FY 2012
* CFTC would receive a $37.7 million increase
* Budget plan is drastically higher than US House proposal
By Sarah N. Lynch
WASHINGTON, Sept 14 U.S. financial market
regulators would get big boosts to their fiscal 2012 budgets to
help them implement the Dodd-Frank financial oversight law
under a bill released by the Senate Appropriations financial
services subcommittee on Wednesday.
The bill would match a request by the Obama administration
to give the Securities and Exchange Commission a fiscal 2012
budget of $1.407 billion, up $222 million from the agency's
fiscal 2011 budget.
The Commodity Futures Trading Commission would receive $240
million, an increase of $37.7 million from its fiscal 2011
budget. The total falls a bit short of the original request by
the president for a $308 million fiscal 2012 budget.
The Senate Appropriations financial services subcommittee
is slated to approve the bill later on Wednesday, and pass it
along to the full committee for a vote on Thursday.
"My top priority again this year is to continue to address
the resource needs of two of our nation's premier financial
regulatory agencies," the panel's chairman, Senator Richard
Durbin, said in prepared remarks. "As a result of the historic
enactment of the comprehensive Dodd-Frank Act last year, these
two agencies acquired substantially expanded
The proposed budget increases for the two market regulators
would come as the agencies rush to finish implementing more
than 100 new regulations required by the Dodd-Frank law, which
greatly expands their authority. The 2012 fiscal year begins on
The proposed funding boosts for the agencies face an
uncertain future due to strong opposition from U.S. House
Republicans who are unhappy with many provisions in Dodd-Frank
and hope to stifle its implementation.
In June, the House Appropriations Committee refused the
Obama administration's request for a bump in the SEC's funding
to implement Dodd-Frank and voted to keep the agency's budget
unchanged in fiscal 2012 at $1.185 billion. The bill has not
yet been sent to the House floor for a vote.
The House Appropriations Committee also in May rebuffed the
Obama administration's request to raise the CFTC's budget,
voting instead to lower it to $171.9 million for fiscal 2012.
The bill was approved by the full House in June.
Both the SEC and the CFTC have said they have the resources
to complete the Dodd-Frank rule-writing process, but once it
comes time to implement the law, they will need better
technology and increased manpower.
The SEC has urged Congress to approve a budget increase,
especially because a provision in Dodd-Frank allows the agency
to be deficit neutral by offsetting congressional
appropriations through the fees it charges the financial
(Reporting by Sarah N. Lynch; additional reporting by
Christopher Doering; editing by John Wallace)