Wednesday, November 4, 2009

CBO Says New Laws for Derivatives To Cost $872M, Or An Average Salary of $322,000.00

Bloomberg reports that the Congressional Budget Office calculates that the new laws for the derivatives industry would cost the U.S. government $872M to implement, as regulators increase oversight and policing of the market.

That is $581M for fiscal 2010-2014 for the SEC, and $291M for the Commodity Futures Trading Commission. The CFTC would have to boost staffing 235 employees, and the SEC would need to expand by 450 employees.

Assuming 2010-2014 include 4 years, that is 1,800 salaries for the SEC, or an average salary of over $322,000.00. For the CFTC it would be an average salary of over $309,000.00.

Worse is that "The cost to the industry can’t yet be determined because so much depends on how regulators interpret the new laws".

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