Every other year or so a U.S. president presents a budget to Congress with a user fee on futures to fund the Commodity Futures Trading Commission (CFTC). Such fees are invariably pulled out before the budget becomes law after sufficient pressure from the futures industry is placed in high places.

This year may be different. The Senate Permanent Subcommittee on Investigations (PSI) in its report, “Excessive Speculation in the Natural Gas Market” released in June recommended such a fee in order to bolster the CFTC’s ability to monitor markets.

In addition the White House Office of Management and Budget issued a statement supporting the measure. “The House should also approve the proposed transaction fee on futures and options contracts.” The statement cited the PSI report and added, “[the] CFTC is the only Federal financial regulator that does not derive its funding from the specialized entities it regulates … it is appropriate for those participants to contribute toward their cost.”

Perhaps President Bush heard about CME Group Executive Chairman Terry Duffy’s endorsement of Sen. Hillary Clinton (D, N.Y.) for president.

House minority leader John Boehner (R, Ohio), who in the past confidently stated such fees would be dead on arrival at industry gatherings and who is a close friend of Duffy, would not provide such a guarantee when asked about the fee in March.