Senate panel clears 13 percent funding increase for CFTC, setting up potential clash with House

26 June 2018 9:01am
The Senate Appropriations Committee approved a 13 percent budget increase for the Commodity Futures Trading Commission for the fiscal year starting Oct. 1, putting the Senate on a potential collision course with the House.

The House Appropriations Committee last month approved only a 2.4 percent boost for the derivatives regulator headed by Chairman Christopher Giancarlo. The CFTC had flat funding of $250 million from fiscal 2015 to 2017, and was subject to a cut to $249 million this year.

The Senate panel, headed by Alabama Republican Richard Shelby, said last week: “The committee recommendation includes increased funding to boost the CFTC’s analytical expertise, cybersecurity capabilities and financial technology.”