President Barack Obama is making a renewed push to boost funding for Wall Street's top cops after regulators said budget constraints were keeping them from enforcing rules put in place after the financial crisis.
The funding requests for fiscal 2016, released by the White House Monday as part of a broad spending proposal for the federal government, would raise the Securities and Exchange Commission's (SEC's) budget 15 percent to $1.7 billion. The Commodity Futures Trading Commission (CFTC), the main U.S. regulator of the $700 trillion global swaps market, would get a 29 percent increase to $322 million.
The requests, which require congressional approval, set up a fight with Republican lawmakers who've resisted Obama's past efforts to provide more money for agencies responsible for implementing the 2010 Dodd-Frank Act. Republicans now control both chambers of Congress and have made revising the financial-regulation law a legislative priority.
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