Appropriations undercuts Dodd-Frank law

June 19, 2012 at 5:54 PM
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WASHINGTON, June 19 (UPI) -- A U.S. House panel cut funding for the Commodity Futures Trading Commission Tuesday, despite new mandates given the agency by the Dodd-Frank finance law.

The House Appropriations Committee, made up of 29 Republicans and 21 Democrats, voted 27-19 to budget $180 million for the commission, which ran with a $205 million allocation in 2012.

The Obama administration had asked for $308 million for the regulatory agency, which is the amount approved in the Democrat-controlled Senate, The Hill newspaper reported.

"Why would we, when the fire is burning, want to recall the fireman?" asked Rep. Sam Farr, D-Calif., who had sought a compromise funding level at $224 million.

Committee Chairman Rep. Jack Kingston, R-Ga., said the commission "is not an impoverished agency," pointing out that 82 percent of its staff earn salaries higher than $100,000.

The agency also failed to keep JPMorgan from enormous losses and MF Global from going bankrupt, he said.

"We are not seeing the regulatory result for the money we have already spent," Kingston said.

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