Breaking Down the Budget
February 14, 2012 1:17 PM
Bank Tax
For the third year in a row, the Obama administration proposed a bank tax on the largest institutions . Even though it has no chance in Congress, the White House more than doubled how much they want to collect, to $61 billion. (Image: Bloomberg News)
Big Winner
Under the budget proposal, funding for the CFTC would increase by 50%, to $308 million. More importantly, however, is that the White House wants Congress to allow the agency to charge user fees to fund it directly, similar to how banking regulators work. (Image: Bloomberg News)
Show Me the Money
The budget says the CFPB's fiscal year budget will be $448 million , a 32% jump from its $340 million budget in this fiscal year. Unlike other budget proposals, this one does not need to be approved by Congress as the CFPB is funded directly by the Federal Reserve Board. (Image: Bloomberg News)
Surprise!
The Office of Management and Budget predicted that the Deposit Insurance Fund would go bankrupt shortly and would stay negative until 2015 . The estimate conflicts with projections by the FDIC, which show the DIF rising to 1.15% by 2018. (Image: ThinkStock)
Living on the Edge
The budget projected that a key Federal Housing Agency account, which holds reserves against expected losses, will be depleted by the end of the year . But HUD Secretary Shaun Donovan said that was before the struggling agency received roughly $1 billion from the recent mortgage settlement. (Image: Bloomberg News)
Declining
The Obama budget would request only $102.4 million for the Financial Crimes Enforcement Network, a 7.5% drop from its budget last year. (Image: Bloomberg News)
Fee Revenue Drop
The Office of the Comptroller of the Currency is projected to collect $1.03 billion in exam fees from national banks in the 2013 fiscal year, a drop from $1.2 billion in 2012 but substantially more than the $722 million it collected in 2011. (Image: Bloomberg News)
Small Business
The budget calls for a 3% increase in the Small Business Administration's budget, to $949 million. (Image: Bloomberg News)
SEC
The White House is asking for an 18% increase in the Securities and Exchange Commission's budget, to $1.5 billion. (Image: Bloomberg News)
