SEC And CFTC Say Reduced Budgets Pose Challenge

SEC and CFTC,  two of the country’s leading financial regulators, bemoaned sequestration, highlighting that reduced budgets pose challenges to oversee markets and its participants. Mary Jo White, SEC chairman and Gary Genseler, CFTC chairman, testified before a Senate appropriations panel on the two agencies’ budgets. They sought about $220 million in additional funding for 2014 budgets. In his testimony to the Senate appropriations panel, CFTC Chairman Gary Genseler indicated that CFTC has completed 90 percent of the swap market reform rules required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. As a result, the public is receiving the benefit…