Repubs limit funds for SEC to enact Dodd-Frank headed to House floor

http://thehill.com/blogs/on-the-money/banking-financial-institutions/233871-bill-limiting-sec-heads-to-house-floor

A 2013 spending bill that denies the Securities and Exchange Commission nearly $200 million in increased funds it has requested to implement President Obama's financial reform law is headed to the House floor.

Republicans beat back an attempt to provide the funding during a Wednesday Appropriations Committee markup, defeating Rep. José Serrano’s (D-N.Y.) amendment to add $195 million for the SEC in a party-line vote, 20 to 28.



The bill provides added funding for the SEC overall [font color="red"]but specifies this can only be used for information technology spending . It also prevents the SEC from spending out of its reserve fund to implement the Dodd-Frank financial reforms[/font].

Serrano said the lack of funding prevents the SEC from being a “strong cop on the beat” and that it invites a repeat of the 2008 U.S. financial crisis.
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