New SEC Chairman Jay Clayton is being a good little boy, graciously accepting the $1.6 billion Santa Trump offered him in his, uh, starry-eyed and slightly deranged budget. Sure, Clayton thinks the $240 million that’ll give him to spend on technology is, uh, a little modest compared to the $10 billion some of the folks the SEC polices spent on the same, but that’s OK because the SEC’s sort of taking the year off anyway.
Things over at the CFTC are a little different. For one, that regulator’s budget gift was less than one-sixth the size of its big brother’s. For another, it still doesn’t have a permanent chairman. And, oh yeah, the still-interim guy? He’s also the only sitting commissioner on the CFTC right now, holding meetings with four empty chairs surrounding him. And so with all due respect to Mick Mulvaney’s carefully thought-out plans, and in spite of whatever impact it might have on his getting the top job for real, J. Christopher Giancarlo’s going to need a few more bucks if he’s going to continue doing the work of five people.
"The $31.5 million in additional funds is not a formulaic or superficial number, but a thorough and informed assessment of what the CFTC needs to execute its mission," acting Chairman Chris Giancarlo said in prepared remarks.