House Republicans, after failing to prevent the 2010 Dodd-Frank financial reform law from passing Congress, have attempted to undermine it by refusing to give Wall Street regulators adequate funds to do their jobs. Both the Securities and Exchange Commission and the Commodity Futures Trading Commission are short of the funding they require, and House Republicans recently voted in committee to fund the SEC $245 million below the Obama administration’s request for 2013.
However, should that funding bill actually reach President Obama’s desk, he has announced that he will veto it:
The 2013 Financial Services bill is heading to the House floor after being considered by the Rules Committee on Thursday.
“The bill severely undermines key investments in financial oversight and implementation of Wall Street reform to protect American consumers, as well as needed tax enforcement and taxpayer services. It also hampers effective implementation of the Affordable Care Act (ACA),” the White House statement reads.
House Republicans on the Appropriations Committee also recently approved a cut of $25 million to the CFTC’s budget.
Just ten days ago, the Republican chairman of the House Financial Services Committee admitted that Wall Street regulators do not have the resources necessary to do what Congress has asked of them. However, House Republicans have not acted to rectify the situation, instead bringing to the House floor a bill that would simply exacerbate the problem.