By Peter Schroeder - 12/08/10 05:57 PM EST
A summary of the CR's provisions stated that while the funding resolution freezes fiscal year 2011 discretionary appropriations at 2010 levels, those funds were adjusted to address new budgetary needs. Included in those adjustments are boosts in the budgets of the Securities and Exchange Commission and the Commodities Futures Trading Commission, both of which requested additional funding to meet additional obligations, primarily driven by Dodd-Frank.
The CFTC's 2010 budget was $168.8 million, but if the CR is adopted as is, it would grow next year to $261 million. The Office of Management and Budget had requested an additional $45 million in the CFTC's budget to implement Dodd-Frank provisions and another $30.2 million for funding of pre-Dodd-Frank responsibilities.
"This funding will result in better protection of the average investor and increased safeguards against excessive speculation," the summary released by House Appropriations Chairman David Obey (D-Wis.) stated.
The CFTC is charged with writing regulations and providing oversight for the first time to the swaps marketplace and increasing transparency in the derivatives market. The agency has identified 30 areas where new rules will be necessary.
The SEC, which also has the task of establishing several new offices and providing greater oversight to various areas of the financial market, is receiving its own boost. The CR carves out $1.25 billion for the agency. In February, the SEC requested a fiscal 2011 budget of $1.258 billion -- a $139 million increase from 2010 levels.
Treasury officials could not be reached to determine if that agency also received a Dodd-Frank driven boost. The OMB requested an additional $16.7 million from Congress specifically to fund new responsibilities brought on by Dodd-Frank for that department.
If the House approves the CR, it will advance to the Senate, which is expected to consider it next week.
This post was updated at 1:58 pm.