Washington (Platts)--23May2011/541 pm EDT/2141 GMT
US House Republicans are proposing to cut the US Commodity Futures Trading Commission's fiscal 2012 funding levels by about 44%, or roughly $136 million less than the amount President Barack Obama requested for the agency. According to a draft of the 2012 Agriculture Appropriations bill, which the House Appropriations Committee released Monday, the CFTC would receive about $171.9 million for fiscal 2012, which is $30.3 million less than the agency will receive in fiscal 2011 and more than $136 million less than Obama requested for fiscal 2012. The bill is scheduled to be marked up by the Appropriations Committee's agriculture subcommittee on Tuesday and includes more than $7 billion in cuts from Obama's original funding requests for numerous agriculture agencies and programs. Article continues below... Sign up for Inside Energy Inside Energy brings you reporting on energy policy developments in the US government and how policy decisions and implementation impact the production, delivery, and use of energy resources. Content includes oil, natural gas, electricity, coal, nuclear energy, renewable energy and energy efficiency.
US House Republicans are proposing to cut the US Commodity Futures Trading Commission's fiscal 2012 funding levels by about 44%, or roughly $136 million less than the amount President Barack Obama requested for the agency. According to a draft of the 2012 Agriculture Appropriations bill, which the House Appropriations Committee released Monday, the CFTC would receive about $171.9 million for fiscal 2012, which is $30.3 million less than the agency will receive in fiscal 2011 and more than $136 million less than Obama requested for fiscal 2012. The bill is scheduled to be marked up by the Appropriations Committee's agriculture subcommittee on Tuesday and includes more than $7 billion in cuts from Obama's original funding requests for numerous agriculture agencies and programs.
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Inside Energy brings you reporting on energy policy developments in the US government and how policy decisions and implementation impact the production, delivery, and use of energy resources. Content includes oil, natural gas, electricity, coal, nuclear energy, renewable energy and energy efficiency.
"As is the goal of all our Appropriations bills this year, this legislation reflects hard decisions to cut lower priority programs, reduce spending in programs that can be scaled back, and target funds where they are needed most so that our nation continues on the path to fiscal recovery," Appropriations Committee Chairman Hal Rogers, a Kentucky Republican, said in a statement. "Our members have worked to root out waste and duplication and, where they have strayed from their core mission, we rein in agencies so they may better focus on the responsibilities for which they are intended," Agriculture subcommittee Chairman Jack Kingston, a Georgia Republican, said. CFTC officials, including CFTC Chairman Gary Gensler, have said they need additional funding in order to meet the new requirements mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, including oversight of the over-the-counter derivatives market. --Brian Scheid, brian_scheid@platts.com
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