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The Senate Appropriations Committee’s just-released FY 2018 financial services bill allocates $1.8 billion for the Securities and Exchange Commission, which is equal to the FY2018 budget request and includes $245 million for the SEC’s potential headquarters relocation.
SEC Chairman Jay Clayton said in June that the SEC budget request for fiscal 2018 of $1.602 billion is “essentially the same as our FY 2017 appropriation.”
Appropriations Committee Chairman Thad Cochran, R-Miss., said in releasing the Financial Services and General Government Appropriations bill Monday, that it also targets funding toward economic analysis within the SEC’s Division of Economic and Risk Analysis and critical information technology initiatives.
The Financial Services and General Government Appropriations bill totals $20.8 billion, $637 million below the FY2017 enacted level.
The measure, according to the committee, “maintains funding to encourage small business growth, improve Internal Revenue Service accountability, and strengthen counterterrorism, cybersecurity and agency oversight.”
The Commodity Futures Trading Commission gets $250 million, which is equal to the FY2017 enacted level.
Provisions that would shift the Consumer Financial Protection Bureau from mandatory to discretionary funding and repeal a prohibition in the Dodd-Frank Wall Street Reform and Consumer Protection Act specifically blocking the Appropriations Committees from reviewing the CFPB’s budget request are among the bill’s “poison pill” riders, according to Sen. Patrick Leahy, D-Vermont, vice chairman of the committee.
“Dodd-Frank created the CFPB with an automatic funding stream, like other financial regulators, in order to protect it from being underfunded and undermined through the annual budget process,” Leahy said.
Cordrays exit opens the door for President Trump to install a more industry-friendly leader.
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