House Appropriations Committee Rejects Amendments to Increase SEC , IRS Funding Levels
At today’s House Appropriations Committee markup of the FY 2013 Financial Services Bill, the Committee voted down amendments to increase funding for the Securities and Exchange Commission (SEC), Internal Revenue Service (IRS), and other agencies.
Rep. Jose Serrano (D-N.Y.)’s amendment to increase the SEC’s funding failed by a vote of 20-28. Rep. Norm Dicks (D-Wash.) amendment to increase the SEC, IRS, and Federal Judiciary funding was not agreed to by voice vote.
In his opening statement, Committee Chairman Harold Rogers (R-Ky.) praised the bill as it reduces federal spending to sustainable levels and “prioritizes American business and job creation.”
Rep. Jo Ann Emerson (R-Mo.) said the bill allocates $21.15 billion for financial services and general government agencies and programs, down 1.7 percent from the last fiscal year. Emerson also addressed fears that the bill would underfund the SEC. She said the bill provides the SEC with a $50 million increase, adding that the agency’s real problems arise not from insufficient funds but from inappropriate management and inefficiency.
Serrano disagreed with Emerson, and said several programs are not adequately funded, including the IRS and the SEC. He added that the budgetary increase to the SEC was offset by restrictions placed on the SEC reserve fund. Ranking Committee Member Norm Dicks (D-Wash.) expressed similar concerns, arguing that the bill is $2 billion below the President’s request and increased funding is necessary to fully implement Dodd-Frank reforms.
With regard to his amendment to increase SEC funding by $195 million, Serrano said the current bill “starves the agencies that need to go after those causing the problems.” The amendment would also remove restrictions on SEC reserve funds.
In opposing the amendment, Emerson noted that some SEC rules are being thrown out of court due to lack of cost-benefit analysis.
Dicks offered a similar amendment that would increase funding for the SEC, as well the IRS, the Office of Management and Budget (OMB), and the Federal Judiciary. He argued that cutting the IRS budget will add about $4 billion to the deficit since it damages the agency’s tax-collecting ability.
The bill passed by a voice vote.
For more information on the hearing, please click here.
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At today’s House Appropriations Committee markup of the FY 2013 Financial Services Bill, the Committee voted down amendments to increase funding for the Securities and Exchange Commission (SEC), Internal Revenue Service (IRS), and other agencies.
Rep. Jose Serrano (D-N.Y.)’s amendment to increase the SEC’s funding failed by a vote of 20-28. Rep. Norm Dicks (D-Wash.) amendment to increase the SEC, IRS, and Federal Judiciary funding was not agreed to by voice vote.
In his opening statement, Committee Chairman Harold Rogers (R-Ky.) praised the bill as it reduces federal spending to sustainable levels and “prioritizes American business and job creation.”
Rep. Jo Ann Emerson (R-Mo.) said the bill allocates $21.15 billion for financial services and general government agencies and programs, down 1.7 percent from the last fiscal year. Emerson also addressed fears that the bill would underfund the SEC. She said the bill provides the SEC with a $50 million increase, adding that the agency’s real problems arise not from insufficient funds but from inappropriate management and inefficiency.
Serrano disagreed with Emerson, and said several programs are not adequately funded, including the IRS and the SEC. He added that the budgetary increase to the SEC was offset by restrictions placed on the SEC reserve fund. Ranking Committee Member Norm Dicks (D-Wash.) expressed similar concerns, arguing that the bill is $2 billion below the President’s request and increased funding is necessary to fully implement Dodd-Frank reforms.
With regard to his amendment to increase SEC funding by $195 million, Serrano said the current bill “starves the agencies that need to go after those causing the problems.” The amendment would also remove restrictions on SEC reserve funds.
In opposing the amendment, Emerson noted that some SEC rules are being thrown out of court due to lack of cost-benefit analysis.
Dicks offered a similar amendment that would increase funding for the SEC, as well the IRS, the Office of Management and Budget (OMB), and the Federal Judiciary. He argued that cutting the IRS budget will add about $4 billion to the deficit since it damages the agency’s tax-collecting ability.
The bill passed by a voice vote.
For more information on the hearing, please click here.