The Hagstrom Report

Agriculture News As It Happens

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House approps meets on ag Tuesday

The House Appropriations Committee will take up the fiscal year 2013 Agriculture appropriations bill on Tuesday. The bill covers discretionary spending for the Agriculture Department, the Food and Drug Administration, the Commodity Futures Trading Commission and the Farm Credit Administration.

The committee is likely to approve a 12 percent funding cut, or about a $25 million reduction in the budget for the CFTC.

Last week, the Senate Appropriations Committee approved a financial services spending package that would set aside $308 million in fiscal 2013 for the CFTC – an increase of about $103 million from its current $205 million budget, Reuters reported.

The CFTC and the Securities and Exchange Commission are both engaged in the implementation of the Dodd-Frank financial services bill, and the differences in budget authority reflect the different attitudes toward the regulatory agencies in the Democratic-controlled Senate and the Republican-controlled House.