Securities, commodities regulators press U.S. Congress for more fundsWASHINGTON (Reuters) - The heads of the U.S. agencies that regulate securities and commodities pressed a Senate committee on Tuesday to boost their budgets in the face of growing sophistication in financial markets and technology, but lawmakers gave no sign extra dollars were coming soon.  In his proposed budget, President Barack Obama requested an 11 percent increase for the Securities and Exchange Commission, bringing its spending to $1.781 billion. He also sought a 32 percent increase for the Commodity Futures Trading Commission, to give the agency overseeing the $400 trillion U.S. swaps market as well as commodities trading, a $331 million budget. The SEC offsets any taxpayer funds it receives with user fees and fines, which means its spending does not affect the federal deficit. But Senator John Boozman of Arkansas, the Republican chairman of the Appropriations subcommittee on financial services, said that did not leave it free of oversight.  “Congress has a responsibility to ensure those funds are being spent in a manner that protects investors, helps markets operate efficiently and spurs economic growth for all Americans,” he said at Tuesday’s hearing. He added that “access to more funding does not necessarily ensure that an agency will successfully achieve its mission or spend that funding responsibly.” For the SEC, “additional funding is imperative if we are to continue the agency’s progress in fulfilling its responsibilities over our increasingly fast, complex and growing markets,” Chair Mary Jo White said. It would help the SEC hire “250 staff in critical, core areas and continue to improve our information technology.”  The new staff would allow the SEC to conduct more exams, increase data analytics and improve intelligence gathering for enforcement cases, she added. At the hearing, CFTC Chair Timothy Massad said the agency “does not have the resources necessary to adequately oversee” its markets, especially “with an industry that is changing and innovating at the speed of light and that is much larger and more complex than even just a few years ago.” More than a third of the extra dollars requested would go toward information technology, he said. Part of the increase, $15.5 million, would go toward enforcement because the CFTC faces “an increasing number of well-financed defendants with high-powered defense teams.” Massad added the CFTC was working to change the levels of its fines, saying levies for many violations were “far too low.” politicsNews
securities commodities regulators press congress fundswashington reuters the heads agencies regulate securities commodities pressed senate committee tuesday boost budgets face growing sophistication financial markets technology lawmakers gave sign extra dollars coming soon in proposed budget president barack obama requested percent increase securities exchange commission bringing spending billion he also sought percent increase commodity futures trading commission give agency overseeing trillion swaps market well commodities trading million budget the sec offsets taxpayer funds receives user fees fines means spending affect federal deficit but senator john boolean arkansas republican chairman appropriations subcommittee financial services said leave free oversight congress responsibility ensure funds spent manner protects investors helps markets operate efficiently spurs economic growth americans said tuesday hearing he added access funding necessarily ensure agency successfully achieve mission spend funding for sec additional funding imperative continue agency progress fulfilling responsibilities increasingly fast complex growing markets chair mary jo white said it would help sec hire staff critical core areas continue improve information the new staff would allow sec conduct exams increase data analytics improve intelligence gathering enforcement cases added at hearing cfc chair timothy assad said agency resources necessary adequately oversee markets especially industry changing innovation speed light much larger complex even years more third extra dollars requested would go toward information technology said part increase million would go toward enforcement cfc faces increasing number defendants defense assad added cfc working change levels fines saying levies many violations far politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Securities, commodities regulators press U.S. Congress for more fundsWASHINGTON (Reuters) - The heads of the U.S. agencies that regulate securities and commodities pressed a Senate committee on Tuesday to boost their budgets in the face of growing sophistication in financial markets and technology, but lawmakers gave no sign extra dollars were coming soon.  In his proposed budget, President Barack Obama requested an 11 percent increase for the Securities and Exchange Commission, bringing its spending to $1.781 billion. He also sought a 32 percent increase for the Commodity Futures Trading Commission, to give the agency overseeing the $400 trillion U.S. swaps market as well as commodities trading, a $331 million budget. The SEC offsets any taxpayer funds it receives with user fees and fines, which means its spending does not affect the federal deficit. But Senator John Boozman of Arkansas, the Republican chairman of the Appropriations subcommittee on financial services, said that did not leave it free of oversight.  “Congress has a responsibility to ensure those funds are being spent in a manner that protects investors, helps markets operate efficiently and spurs economic growth for all Americans,” he said at Tuesday’s hearing. He added that “access to more funding does not necessarily ensure that an agency will successfully achieve its mission or spend that funding responsibly.” For the SEC, “additional funding is imperative if we are to continue the agency’s progress in fulfilling its responsibilities over our increasingly fast, complex and growing markets,” Chair Mary Jo White said. It would help the SEC hire “250 staff in critical, core areas and continue to improve our information technology.”  The new staff would allow the SEC to conduct more exams, increase data analytics and improve intelligence gathering for enforcement cases, she added. At the hearing, CFTC Chair Timothy Massad said the agency “does not have the resources necessary to adequately oversee” its markets, especially “with an industry that is changing and innovating at the speed of light and that is much larger and more complex than even just a few years ago.” More than a third of the extra dollars requested would go toward information technology, he said. Part of the increase, $15.5 million, would go toward enforcement because the CFTC faces “an increasing number of well-financed defendants with high-powered defense teams.” Massad added the CFTC was working to change the levels of its fines, saying levies for many violations were “far too low.” politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: securities commodities regulators press congress fundswashington reuters the heads agencies regulate securities commodities pressed senate committee tuesday boost budgets face growing sophistication financial markets technology lawmakers gave sign extra dollars coming soon in proposed budget president barack obama requested percent increase securities exchange commission bringing spending billion he also sought percent increase commodity futures trading commission give agency overseeing trillion swaps market well commodities trading million budget the sec offsets taxpayer funds receives user fees fines means spending affect federal deficit but senator john boolean arkansas republican chairman appropriations subcommittee financial services said leave free oversight congress responsibility ensure funds spent manner protects investors helps markets operate efficiently spurs economic growth americans said tuesday hearing he added access funding necessarily ensure agency successfully achieve mission spend funding for sec additional funding imperative continue agency progress fulfilling responsibilities increasingly fast complex growing markets chair mary jo white said it would help sec hire staff critical core areas continue improve information the new staff would allow sec conduct exams increase data analytics improve intelligence gathering enforcement cases added at hearing cfc chair timothy assad said agency resources necessary adequately oversee markets especially industry changing innovation speed light much larger complex even years more third extra dollars requested would go toward information technology said part increase million would go toward enforcement cfc faces increasing number defendants defense assad added cfc working change levels fines saying levies many violations far politicsnews