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Obama Said to Trim CFTC Budget

Agency has said it lacks resources to adequately oversee markets; current version of president's budget reduces funding from previous version but increases from current funding level.

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President Barack Obama is set to seek a $280 million budget for the U.S. Commodity Futures Trading Commission (CFTC) that, while more than the commission currently gets, is lower than his previous request for an agency that has said it lacks the resources to fully oversee markets, according to people with knowledge of the matter.

Obama’s request for the fiscal year beginning Oct. 1, a cut of more than 10 percent from the $315 million he sought in his previous proposal, would be a 30 percent increase from the current level of $215 million for the derivatives regulator, according to the people, who asked for anonymity because the budget request won’t be unveiled until March 4.

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