Proposed House bill would fund CFTC through user fees
December 09, 2011 | 02:33 PM
Democratic Reps. Rosa DeLauro of Connecticut, Peter Welch of Vermont and Leonard Boswell of Iowa said Thursday they would introduce a bill to fully fund the Commodity Futures Trading Commission.
Under the Wall Street Accountability through Sustainable Funding Act, the CFTC would cover its annual budget by collecting transaction fees from all market participants.
The three legislators noted that the Securities and Exchange Commission and other agencies already have user fees. Congress has resisted giving the CFTC the additional resources that the Obama administration proposed to implement the Dodd-Frank financial services act.
“Unfortunately, the CFTC has been the target of Wall Street lobbyists who have worked to limit the effectiveness of the commission’s ability to prevent these issues we’re faced with today with the collapse of MF Global,” Boswell, the ranking Democrat on the House Agriculture General Farm Commodities and Risk Management Subcommittee, said in a news release.
“This bill will provide the necessary robust funding, which is also deficit neutral, to ensure the commission is provided adequate resources to reclaim its critical watchdog role.”
Under the Wall Street Accountability through Sustainable Funding Act, the CFTC would cover its annual budget by collecting transaction fees from all market participants.
The three legislators noted that the Securities and Exchange Commission and other agencies already have user fees. Congress has resisted giving the CFTC the additional resources that the Obama administration proposed to implement the Dodd-Frank financial services act.
“Unfortunately, the CFTC has been the target of Wall Street lobbyists who have worked to limit the effectiveness of the commission’s ability to prevent these issues we’re faced with today with the collapse of MF Global,” Boswell, the ranking Democrat on the House Agriculture General Farm Commodities and Risk Management Subcommittee, said in a news release.
“This bill will provide the necessary robust funding, which is also deficit neutral, to ensure the commission is provided adequate resources to reclaim its critical watchdog role.”
