06.13.24
SEC, CFTC Chiefs Press Lawmakers To Approve Budget Requests
by: Brian Croce
The chairs of the U.S. Securities and Exchange Commission (CSEC) and Commodity Futures Trading Commission (CFTC) on June 13 urged lawmakers to approve their respective fiscal year 2025 budget requests. At the start of the current fiscal year, the SEC paused nearly all job postings and backfilling for departing staff and currently has a workforce that is more than 300 positions below the level authorized by Congress for both FY 2023 and FY 2024, SEC Chair Gary Gensler said during testimony before a Senate Appropriations Committee subcommittee. “Our limited resources contrast against the tremendous growth and change in our markets,” Gensler told lawmakers. CFTC Chair Rostin Behnam testified at the same hearing and defended his agency’s $399 million budget request, which represents about a 3% decrease from its FY 2024 request and just over a 9% increase above the FY 2023 and 2024 enacted budgets.
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