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.
The White House will also call for user fees on the industry to fund the CFTC, according to an administration official. Congress has not advanced a proposal in recent years for such fees on futures, swaps, and other derivatives amid opposition from some parts of the financial industry, including CME Group Inc. The CFTC request could still be changed before the budget is released.
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