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Dems push funding bill for CFTC

House Democrats on Tuesday unveiled legislation that would provide steady funding to the federal agency tasked with regulating risky transactions on Wall Street.

The Wall Street Accountability through Sustainable Funding Act would require the Commodity Futures Trading Commission (CFTC) to impose fees and assessments to recover the cost of appropriations to the agency, which regulates futures and options markets.

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“The near total collapse of the American economy in 2008 is a stark reminder that we need a cop on the beat to police Wall Street. Our legislation will ensure that one of the federal cops, the CFTC, has the resources it needs to do its job and protect consumers," Rep. Peter WelchPeter Francis WelchShakespeare gets a congressional hearing in this year's 'Will on the Hill' Democrats debate shape of new Jan. 6 probe On the Money: Tech giants face rising pressure from shareholder activists | House Democrats urge IRS to reverse Trump-era rule reducing donor disclosure | Sen. Warren, Jamie Dimon spar over overdraft fees at Senate hearing MORE (D-Vt.) said in a statement.

Welch co-sponsored the legislation with Reps. Rosa DeLauroRosa DeLauro110 House Democrats endorse boost to staff pay NRCC chairman, Texas lawmakers among top earmark requesters The COVID-19 crisis may soon be over, but the youth mental health crisis is only just beginning MORE (D-Conn.) and Joe CourtneyJoseph (Joe) D. CourtneyNew Air Force One jets may be a year late, cost more, Pentagon official says House passes bill to prevent violence in health care workplaces We can't afford to lose one more nurse — passing workplace violence prevention bill would help MORE (D-Conn.). Similar legislation was introduced in the last Congress.

DeLauro said the measure would allow the CFTC to protect consumers, and Courtney said it would prevent “unnecessary energy price hikes.”

The CFTC says it needs more funding to carry out its responsibilities from the 2010 Dodd-Frank Wall Street reform law. Republicans have balked at those spending requests, arguing the agency already has the resources it needs.