Frank Seeks to Increase SEC Funding in House Debate
Representative Barney Frank
Brendan Hoffman/Bloomberg News
Representative Barney Frank, Democrat of Massachusetts, questions witnesses at a hearing on Capitol Hill in Washington, D.C.
Representative Barney Frank, Democrat of Massachusetts, questions witnesses at a hearing on Capitol Hill in Washington, D.C. Photographer: Brendan Hoffman/Bloomberg News
U.S. Representative Barney Frank will push to increase funding for the Securities and Exchange Commission, working against a Republican proposal this week to cut the agency’s budget.
The House today began debating a bill to fund the federal government past March 4. Frank, a Massachusetts Democrat, has filed an amendment that would increase the SEC’s funding by $131 million as the agency takes on new regulatory duties under the Dodd-Frank Act. Republicans, who hold the House majority, have proposed cutting the agency’s budget to $1.07 billion from its current level of $1.11 billion.
Frank’s proposal would reduce funding for two Internal Revenue Service departments and two General Services Administration programs to offset additional funds for the SEC. Frank, the top Democrat on the House Financial Services Committee, has said Republicans are using budget cuts to “strangle” the financial regulation law that bears his name.
Dodd-Frank has become central to the spending and debate in Congress. Republicans, who almost unanimously opposed the law, have said regulatory budgets are ripe for cuts.
SEC Chairman Mary Schapiro has pushed lawmakers for a budget increase since late last year, when Congress considered another continuing resolution to fund the government. Lawmakers agreed Dec. 21 to continue funding the government at its current levels, denying budget increases sought by the SEC to implement the regulatory overhaul.
Government funding for the fiscal year ending Sept. 30 has been caught up in partisan battles over taxes and spending after Republican gains in the November elections.
President Barack Obama, in his fiscal 2012 budget proposal released yesterday, requested that the SEC receive a $305 million increase over its 2010 funding level. The budget also calls for a staff increase of 16 percent. Congress will begin its consideration of that proposal in the next few months.
To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net
To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net
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