Barney Frank’s Statement on Funding for Oversight of Financial Regulations
Congressman Barney Frank today provided the following statement in response to the release by the House Appropriations Committee of two spending bills which govern funding for the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The Financial Services and General Government Appropriations bill for fiscal year 2013 includes $1.371 billion for the SEC -- $195 million below the President’s request. The bill mandates that $50 million of that amount be spent on information technology. Because it was expected that IT spending would come from a separate Reserve Fund, this provision means that actual shortfall below the President’s request is substantially greater than $195 million. The bill does not impact funding for the Consumer Financial Protection Bureau in 2013, but it makes the CFPB subject to the annual Congressional appropriations process beginning in 2014, which could result in a dramatic decrease in its funding.
The Agriculture Appropriations bill for FY 2013 includes $180 million for the Commodity Futures Trading Commission – a cut of $25 million below the FY 2012 level and $128 million below the President’s request. The bill mandates that $32 million of the total be spent on information technology, further reducing the amount available for general expenditures.
Both bills will now be considered by the agriculture and the financial services subcommittees of the House Appropriations Committee.
The text of Congressman Frank’s statement follows: