As if Washington's spending habits weren't already out of control, federal agencies will likely dish out billions more (each year!) to comply with Obama's financial regulatory reform law. That means bigger budgets and the authority to write hundreds of new regulations. The Hill illustrates just a few of those commissions positioned to receive increased congressional appropriations:
Lawmakers will boost funding for the Securities and Exchange Commission (SEC) by approximately $200 million (20%) in 2011, and the commission will hire around 800 employees to "enforce scores of new regulations and studies on executive compensation." The Commodity Futures Trading Commission (CFTC) will receive an additional $120 million, an increase of 70%, and the Federal Trade Commission (FTC) will get about $20 million to focus on financial fraud and data security.
BUT, according to The Hill, "spending bills don't account for some of the largest changes in the financial overhaul package." The Bureau of Consumer Financial Protection "credit czar" will be granted unprecedented capacity to meddle in an extremely wide variety of financial services, and the Fed and Federal Deposit Insurance Corporation (FDIC) will be made even more powerful.
So agencies need more taxpayer money to carry out the sweeping overhaul? No wonder Congress is scared to address spending bills before the August recess.