There are basically two ways to thwart regulatory oversight of Wall Street: One, block new rules or weaken existing rules; and, two, make sure that whatever rules exist are not fully enforced.
The finance industry and its allies in Congress are pursuing both strategies. Yet while the campaign against Dodd-Frank has received much attention, less heed has been paid to how a budgetary attack is undermining the two top watchdogs over Wall Street: The Securities and Exchange Commission (SEC) and the Commodities Future Trading Commission (CFTC).