On March 1, 2013, “across-the-board cuts” are schedule to take place imminently if lawmakers cannot strike a new deal. If a new deal is not reached the nation’s top financial regulators will face over a hundred million dollars in budget cuts. These cuts will limit the agencies’ ability to conduct examinations, purchase needed technology, and oversee Wall Street.
Steven Adamske, spokesman for the Commodity Futures Trading Commission (CFTC), echoed this “we can’t travel, we can’t go to conferences, we can’t do the things we’re here and supposed to do and committed to do.”
Half of the scheduled budget cuts are spread across a range of domestic programs, including financial regulators. The financial regulators would experience cuts of roughly 8%. For example, The SEC’s $1.3 billion budget would fall by $108 million, while the CFTC’s budget would take a $17 million cut down to $205 million. The CFPB would also face cuts totaling $34 million.
Jason Doss is the owner of The Doss Firm, LLC, an Atlanta-based law firm devoted to representing consumers across the country in a variety of areas including investment disputes and consumer class action litigation. Mr. Doss earned his J.D. from Florida State University in 2002 and his B.A. from the University of Florida in 1997.