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Tuesday, Sep 16th

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You are here News Politics House ready to slash funding for key oil-market regulator

House ready to slash funding for key oil-market regulator

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House ready to slash funds for reguklatory agencyThe Republican-led House of Representatives is poised to pass, as early as Wednesday, a sweeping spending bill that would slash funding for the regulatory agency responsible for policing against excessive speculation and price manipulation in oil markets.

House members are expected to approve an agriculture spending bill that would deeply cut the annual bill that funds the Commodity Futures Trading Commission, which regulates trading in oil, grains and other commodities.

The House bill would provide $171.9 million for the agency, a decrease of about $30 million from the $202.2 million given to the agency the prior year.

The Obama administration requested more than $300 million for the fiscal year that ends on Sept. 30, a steep increase because the CFTC gained sweeping new powers under last year's broad revamp of financial regulation_ short-handed as the Dodd-Frank Act.

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