WASHINGTON — A temporary settlement has been reached in the partisan fight over funding for the two agencies charged with implementing the Dodd-Frank Act's rules on derivatives.
A $915 billion budget deal, expected to pass Congress as early as Friday, will fund the federal government through September 2012. One of the key disputes between Democratic and Republican negotiators involved funding for the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Under an agreement reached Thursday, Democrats were unable to secure more than the $205 million for the CFTC than had previously been agreed to. That's a 1% increase over last year's budget, and far less than Democrats were seeking.
But the Democrats did win a concession that will allow the CFTC to transfer $10 million allocated for information technology to pay for salary and expenses related to the implementation of Dodd-Frank.
The SEC will receive $1.32 billion under the deal, roughly an 11% increase over last year's budget. The SEC's budget roughly splits the difference between what the House and Senate approved.
Republicans were able to insert into the bill a provision that requires the Office of Management and Budget to write a report to Congress on the costs of implementing Dodd-Frank.
