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SEC, CFTC make their case for more funding, boosting cyber-security

Joe Mont | June 6, 2018

Once again, the season is upon us where federal regulators turn to Congress for increased budgets.

On Tuesday, the heads of the Securities and Exchange Commission and Commodity Futures Trading Commission appeared before a Senate Appropriations Committee sub-committee hearing to make their money pitches. Both agencies expressed the need to bolster cyber-security defenses and in-house technology needed to keep pace with the rapidly changing marketplaces they oversee.

The SEC requested $1.7 billion for fiscal year 2019, a $6 million increase over the fiscal year 2018 enacted amount.

The SEC’s funding is derived from fees paid by national securities exchanges and associations and result in no direct appropriation. Chairman James Lankford (R-Okla.), however, cautioned that “these fees are ultimately passed on to U.S. investors, retirement savers, and market participants,” and his Committee “has a responsibility to ensure they are spent wisely.”

The CFTC...

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