SEC, CFTC Push for Budget Increases for 2011

Of the total SEC budget request, she continued, “$24 million would be contingent upon the enactment of financial reform–so that if reform is passed, we would have the resources to begin implementing our enhanced authorities.” Also important to note, Schapiro said, is that the proposed increase in spending would be fully offset by the fees the SEC collects on transactions and registrations. “In FY 2011, we estimate that we will collect $1.7 billion–an increase of $220 million over FY 2010.”

In his testimony, Gary Gensler, chairman of the CFTC, said that both the SEC and CFTC would need additional funds for derivatives oversight. He said CFTC would need to hire an additional 238 staff to “get started” on derivatives oversight, adding that the President’s budget would fund half of the 238 new employees. Gensler noted that while he could not quantify the number of transactions in the derivatives market, the market itself totals $600 trillion, half of which is in the United States.