June 27, 2017 / 2:00 PM / 3 years ago

Wall Street regulators make budget pitches to Congress

WASHINGTON, June 27 (Reuters) - Wall Street’s top two U.S. regulators will urge Congress on Tuesday to approve budgets for fiscal 2018 that are at or above their current funding levels.

U.S. Securities and Exchange Commission Chairman Jay Clayton, in his first appearance before a congressional committee since his confirmation hearing in the spring, plans to push for adequate funding for the agency’s enforcement and examination functions, as well as a “modest” $240 million investment in information technology.

The SEC is asking Congress to keep its budget flat at about $1.6 billion, the same amount that White House also proposed in May.

The Commodity Futures Trading Commission, by contrast, is asking Congress to approve a $281.5 million budget. That is slightly more than the White House’s proposal, which called for keeping it flat at $250 million. (Reporting by Sarah N. Lynch; Editing by Lisa Von Ahn)

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