Republicans argue that financial fraudsters like Bernie Madoff, who long escaped the SEC's notice,

indicate that investigators need more oversight, not more money. However, the stakes dwarf the disputed

funds. With a combined budget of just $1.4 billion, the CFTC and SEC have, along with their traditional

duties, the new responsibility of regulating more than $200 trillion in derivatives, including the exotic

instruments that forced markets to the brink in 2008. Republicans insist every agency has to ante up. But

denying regulators the funding they say is commensurate with their task may be a poor gamble.