Republicans Already Denying Funding For Wall Street Reform

Senate Republicans last week successfully defeated an omnibus spending bill that would have funded the government through the end of the current fiscal year in October 2011. To avoid a government shutdown, Senate Democrats have unveiled a continuing resolution providing funds at the current level through March 4, 2011. However, the resolution does not include funding for the implementation of the Dodd-Frank financial reform law. Under the omnibus, the Securities and Exchange Commission would have seen its budget increase to $1.3 billion from $1.1 billion, and the CFTC would have gone from $169 million to $286 million. As The Wonk Room explained, the SEC has already halted implementation of a variety of measures under the law as it waits for funding, and the Commodity Futures and Trading Commission has said that its current funding level “is far less than what is required to properly fulfill our significantly expanded role.” House Republicans have threatened to deny funding to the agencies implementing the bill next year.